Thank you, António.

Europe and China are two of the worlds three largest economic and trading powers, making our relationship highly significant. Europe’s approach has been clear and results-driven, focusing on defending our interests through a de-risking strategy that strengthens economic security and competitiveness. We remain committed to open dialogue with China, as demonstrated in today’s Summit, which provided a valuable opportunity to address key bilateral issues and express our trade concerns.

For instance, the EU comprises 14.5% of China’s total exports, while China accounts for only 8% of ours, indicating a significant imbalance due to trade distortions and market barriers. Europe’s market remains open to Chinese goods, reflecting our commitment to rules-based trade, unlike China. The EUs trade deficit with China has doubled to over EUR 300 billion in the past decade, necessitating a shift towards a more balanced trade relationship. We welcome fair competition, but it must be equitable.

First, we discussed market access, emphasizing reciprocity, particularly in public procurement, and agreed to work on concrete solutions.

Second, we addressed overcapacity in crucial sectors like steel and electric vehicles, where subsidized production in China does not align with local demand. This overcapacity risks trade diversion and pressures our market, particularly as we invest in clean energy. The Chinese leadership has begun exploring this issue and expressed a willingness to focus more on consumption than production, which is crucial for maintaining EU openness.

Third, we raised concerns about export controls on rare earth materials, which strain European companies. To foster trust, we need reliable access to critical raw materials from China. We acknowledged China’s efforts to expedite licenses and agreed to an upgraded supply mechanism to address bottlenecks swiftly.

In light of rising global tariffs, the EU and China must uphold a fair and rules-based global trading system. We also addressed China’s support for Russias aggression against Ukraine, which poses a direct threat to European security. We expect China to leverage its influence to encourage Russia towards ceasefire and negotiations, as this will significantly affect our future relations.

Lastly, we discussed climate change, recognizing our joint statement as a substantial step forward in areas like emissions trading and carbon capture. The EU and China must uphold the Paris Agreement and work collaboratively to tackle the climate crisis. Together, we aim for ambitious results at COP30 in Belem.

From this Summit, it is clear there is much we can achieve together. Despite our differences, we can find pragmatic solutions. Europe will always defend its interests, as will China. We are ready to enhance cooperation and build a more balanced and stable relationship, shaping the next 50 years of EU-China relations with todays choices.