Three Seas Initiative
The initiative is designed to promote cooperation between 12 European nations and their partners contributing to economic growth and energy security, as well as to boost cohesion and unity in Europe. The 12 countries located between the Baltic, Black, and Adriatic seas include: Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Austria, Croatia, Romania and Bulgaria.
The next summit in will take place in Bulgaria 2021.
The objectives of the Three Seas Initiative, as listed on their website, are:
- Economic growth. The main aim of the overall initiative is to boost economic growth and well-being in the region. More activity in trade and the provision of services within the region and with neighbouring countries creates such opportunities and makes Europe, as a whole, more competitive in global terms.
- Greater interest among investors. In the context of the European Union, the countries in the Three Seas Initiative have stood out for many years for their above-average rates of economic growth. As such, they offer investors potentially higher rates of return. By working together and pursuing similar policies, these countries will make the region more attractive on the global financial market.
- Energy security. Energy is not only an economic issue, but has also become a strategic and security concern. A cohesive, well-functioning energy market and the freedom to choose between suppliers will increase open competition, ensure that the region is better supplied, and boost energy security.
- Geopolitics. Strong economic development across the board in Europe, including the Three Seas region, will help to more effectively defend current geopolitical interests, while at the same time making a stand against interests that are not conducive.
- Smart connectivity. Where new investments are concerned, the aim is to make the most of the region’s experience and potential for implementing digital solutions. This goes beyond the development of digital infrastructure, and encompasses the creation of smart, modern solutions for data exchange and the more efficient use of information.
- Achieving climate goals. A cohesive approach from the Central European nations focused on developing new and modern infrastructure will help the region move towards lower carbon emissions and achieve carbon neutrality.
3 Seas Initiative Matters to America’s Security and Economy
The Heritage Foundation, May 17, 2021
The Three Seas Initiative
Congressional Research Service, April 26, 2021