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Bulgaria during its presidency in Parliamentary Assembly of the Organization of the Black Sea Economic Cooperation (PABSEC) will work on the settlement of conflicts in the region, chairperson of the Bulgarian Parliament Tsetska Tsacheva, accepting the PA BSEC presidency from Azerbaijan, said on Wednesday.

"We must strive to develop economic cooperation and solve existing conflicts in the region because these conflicts concern all of us and impede our cooperation," Tsacheva said.

She stressed that all objectives were achieved at the PA BSEC General Assembly session in Baku on November 27-28.

Tsacheva said that the BSEC is the only organisation in the region which can speed up cooperation between the regional countries and integration processes.

"I hope the organisation will continue its efforts to achieve its objectives and operate more effectively during Bulgaria's presidency. Using the potential of member states' cooperation, we will achieve more effective cooperation during Bulgaria's presidency."

BSEC was established on June 25, 1992, on the basis of the Istanbul Summit Declaration and the Bosphorus Agreement signed by 11 heads of state. The key objective of the organization is to support multilateral political and economic initiatives in the Black Sea region. The organization comprises 13 countries.