This chapter explores the political dynamics of regional cooperation involving Bosnia and Herzegovina (BiH), a member of multiple, often overlapping regional organizations and initiatives. It assesses the tangible impact of these frameworks on regional stabilization, reconciliation, and the promotion of good neighborly relations—key priorities for both BiH and the European Union (EU). Special attention is given to recent developments, particularly the Open Balkans initiative launched in 2021 by Albania, Serbia, and North Macedonia. While the initiative aimed to boost economic and political cooperation, its exclusive nature, limited transparency, and redundancy with existing mechanisms diminished its resonance in BiH. The mixed reception of Open Balkans highlights the intricate nature of regional diplomacy in the Western Balkans and underscores the essential role of trust, inclusivity, and coherence with wider European integration efforts. The chapter ultimately argues that sustainable regional cooperation depends on aligning local initiatives with broader international frameworks, while fostering transparent and inclusive dialogue among all regional actors.