Good afternoon from me, too.

We indeed held extremely valuable discussions on three topics that are, to a great extent, interconnected, in the increasingly challenging context for international trade.

Starting with EU-US relations: I appreciate the strong and continuous support for the Commission expressed around the table today.

From day one, the EU has approached the talks with the United States in good faith, constructively, and with full intensity throughout.

I discussed with Ministers the next steps for the upcoming weeks, up to the new deadline of August 1 and beyond. I see the need to focus on four areas.

First, negotiations:

• We remain convinced that our transatlantic relationship deserves a negotiated solution – one 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 a genuine effort, especially considering the hard work invested, how close we find ourselves to making a deal, and the clear benefits of a negotiated solution.

But as I have said before, it takes two hands to clap. Hence the second strand, rebalancing measures:

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

Third, I see the value in open and even closer channels of communication with other like-minded partners.

Fourth, the EU is doubling down on efforts to open new markets – and we dedicated an entire session to the ongoing negotiations.

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

Our well-advanced negotiations with Thailand, the Philippines and Malaysia are other tangible examples of the EUs dedication to strengthen ties with South-East Asia.

We are in intensive negotiations with India, aiming to reach a commercially meaningful agreement by the end of this year. I have personally engaged with my counterpart, Piyush Goyal, on more than ten occasions.

Next week, I will meet Minister Thani Al Zeyoudi to maintain the positive momentum in our negotiations with the United Arab Emirates.

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

One important piece of homework – we would like to work closely with the Danish Presidency to explore specific ways to shorten the time from the conclusion of a trade and investment agreement to its actual implementation.

I would like us to approach this issue in a systemic way, as the process lasts on average 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, by ensuring a level playing field. This will ultimately inject much-needed predictability and reliability.

One of the most pressing issues requiring resolution is export controls on rare earths. Following my meeting with my counterpart Wang Wentao, technical engagement continues, and we are seeing some progress in fast-tracking applications destined 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 the reciprocity in our respective markets access.

To conclude, let me underline once again that the EU is – and will remain – fully united in responding to the current challenges. Thank you.