Good afternoon.

We held valuable discussions on three interconnected topics in the challenging context of international trade.

Regarding EU-US relations: I appreciate the strong support for the Commission expressed around the table today.

From the start, the EU has approached talks with the United States in good faith and with full intensity.

I discussed with Ministers the next steps leading up to the August 1 deadline and beyond. We need to focus on four areas.

First, negotiations:

• We believe our transatlantic relationship deserves a negotiated solution that leads to renewed stability and cooperation.
• Later today, I will continue my engagement with my U.S. counterparts.
• The EU never walks away without genuine effort, especially given the hard work invested and the benefits of a negotiated solution.

However, as I have stated before, it takes two hands to clap. Hence the second aspect: rebalancing measures:

• We must prepare for all outcomes, including well-considered, proportionate measures to restore balance in our transatlantic relationship.
• Our rebalancing measures on steel and aluminum are suspended until early August.
• Today, the Commission is sharing with Member States the proposal for the second list of goods, totaling around 72 billion euros worth of U.S. imports. They will have a chance to discuss it.
• This does not exhaust our toolbox; every instrument remains on the table.

Third, I value open and closer communication with like-minded partners.

Fourth, the EU is intensifying efforts to open new markets, and we dedicated an entire session to ongoing negotiations.

This morning, I highlighted a major milestone: our fresh political agreement in negotiations with Indonesia, one of the worlds largest economies.

Our well-advanced negotiations with Thailand, the Philippines, and Malaysia are examples of the EUs dedication to strengthening ties with Southeast Asia.

We are in intensive negotiations with India, aiming for a commercially meaningful agreement by year-end. I have personally engaged with my counterpart, Piyush Goyal, on over ten occasions.

Next week, I will meet Minister Thani Al Zeyoudi to maintain positive momentum in negotiations with the UAE.

We are also working towards a new strengthened dialogue with CPTPP partners, equally committed to opening new markets and fostering rules-based trade. Our goal is to launch this as soon as possible.

One important task: we want to work closely with the Danish Presidency to explore ways to shorten the time from the conclusion of a trade and investment agreement to its implementation, as this process lasts an average of 22 months for EU-only agreements.

Turning to EU-China relations, the third topic of todays discussions: to advance our trade and investment relationship, we need to rebalance it to ensure a level playing field, which will provide much-needed predictability and reliability.

One pressing issue is export controls on rare earths. Following my meeting with my counterpart Wang Wentao, technical engagement continues, and we see progress in fast-tracking applications for the EU market. However, a systemic solution is still needed.

The upcoming EU-China summit will be an important opportunity to discuss these issues, including reciprocity in market access.

In conclusion, let me emphasize that the EU is – and will remain – fully united in addressing current challenges. Thank you.