It is a pleasure to be here. We had an excellent meeting with President Xi this morning. China and Europe are two of the worlds economic and trading giants. How we manage our relationship will influence our economic prosperity and national security, as well as global stability. Therefore, it is crucial to understand each others interests and concerns and to act upon them. We want this relationship to benefit both sides.

Starting with our trade relationship. Europe has always believed in the power of free trade to drive prosperity, and that competition must be fair. We recognize that our trade relationship needs more balance. Rebalancing is essential and also in the interest of a stronger relationship between us. To achieve rebalancing, we need to increase market access for European companies in China, limit the external impact of overcapacity, and reduce export controls. If our concerns are not addressed, our industry and citizens will demand that we defend our interests. However, our preference, as demonstrated today, is to engage in dialogue and find well-negotiated solutions.

This morning, we also discussed our excellent cooperation on climate. We have an intense dialogue on how to better utilize our emissions trading systems, for example. We share an interest in promoting the circular economy, turning waste into treasure. We also wish to collaborate on a successful COP30 in Brazil. Joining forces here will send a powerful message to the world. In conclusion, there is so much we can do together. I look forward to our discussions and to shaping a more balanced future for our relations.