The EU will meet to discuss its relationship with the US after Donald Trump was re-elected in the country's election on November 5. (Source: Getty Images)

AFP news agency reported that in the invitation letter sent to the members of the European Council, President Michel emphasized that this meeting will focus on three main issues: relations with the US, security and geopolitics, especially the conflict in Ukraine and global challenges such as climate change.

According to him, the relationship with the US is an important element in the alliance's common development strategy and member states need to continue to cooperate to promote priorities within the framework of the Strategic Plan, towards a strong and sovereign Europe.

The meeting took place just one day after the victory of Donald Trump, the Republican candidate pursuing the "America First" policy, in the election in the world's number one power.

Throughout his campaign, Trump threatened everything from a trade war with Europe to withdrawing from NATO commitments to a fundamental shift in support for Ukraine in its conflict with Russia, according to the AP news agency.

All of these issues could have unprecedented consequences for countries across Europe, especially the 27-nation EU.

AP believes that the transatlantic relationship will change after the November 5 vote in the US, and under "Trump 2.0", it could be a political earthquake.

In addition, one of the main topics of the meeting will be the discussion of the situation in Georgia after the recent elections. EU leaders will also seek an appropriate solution to the challenges facing Georgia and discuss ways to support the country in its process of building a stable democracy.

The meeting will focus on the situation in the Middle East, in particular the Israeli-Palestinian issue, with a focus on a new Israeli law blocking the United Nations Relief and Works Agency for Palestine Refugees (UNRWA). The law could impact EU-Israel relations if implemented.

As expected, at the meeting on November 8, EU leaders will spend time discussing an equally important issue: enhancing Europe's competitiveness.

According to President Michel, the EU's share of the global economy has halved over the past 20 years and this is a major warning signal for member states. The situation is serious and urgent action is needed to reverse this trend.

President Michel reiterated the warning from reports by former European Central Bank (ECB) President Mario Draghi and former Italian Prime Minister Enrico Letta that the EU is at risk of not being able to compete with other economies without timely measures.

Discussions at the meeting will feature renowned experts such as Professor Mario Draghi and ECB President Christine Lagarde, with the aim of developing concrete strategies to promote innovation, harness the power of the single market and support sustainable growth.

At the same time, leaders will seek to come up with financial solutions to meet the EU's economic ambitions and review existing financial instruments.

The President of the European Council also expressed his confidence that, through cooperation and collective strength, the EU will be able to take important decisions and make significant progress in addressing major challenges, thereby creating a solid foundation for future development.

The informal meeting in Budapest will be an important opportunity for European leaders to strengthen relations with international partners and find strategic solutions to issues crucial to the EU's development in the coming years.