This report presents a summary of the dialogue sessions and main conclusions of the 2024 High Level Workshop that took place in Budapest on 19 and 20 November. The event was organised by Science Europe in partnership with the Hungarian Research Network (HUN-REN) and the Hungarian Academy of Sciences (MTA), under the auspices of the Hungarian Presidency of the Council of the European Union. The High Level Workshop focused on four current issues in research and innovation (R&I): Enhancing the impact of R&I by mobilising EU-wide excellence in science; Reducing R&I disparities in Europe; Exploring the benefits of Artificial Intelligence in science policy to strengthen European R&I; and European research competitiveness from a global perspective. This report includes the main points raised in each session of the High Level Workshop. The conclusions synthesise the outcomes and are followed by a final section that outlines how these outcomes will be taken up in upcoming science policy discussions on international R&I co-operation.