Since the meeting was informal, no official conclusions were reached. This will occur on Friday at an extraordinary formal meeting in Zagreb.
Speaking to the press, Borrell said the talks focused on the EU relations with Turkey and Russia.
The meeting took place as Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin met in Moscow, where they agreed a truce going into force at midnight.
Our relations with Turkey and Russia are difficult and we must mend them in many aspects, which requires a new approach, said Borrell.
Good relations with the two states are necessary because of issues which directly affect European security, from Syria to Libya, he added.
Speaking of the migrant crisis on the Turkish-Greek border, caused by the crisis in Idlib, Syria, Borrell said Europe must reconcile the human rights of migrants and the fact that they must not illegally cross borders.
The ministers' final conclusions will be adopted tomorrow, he added.
According to unofficial reports, the conclusions will mainly address Greek demands for Europe's help in dealing with the crisis on the Greek border.
Croatian Foreign Minister Gordan Grlic Radman said the ministers "arrived at certain solutions in a constructive atmosphere, although they may have had different views at the beginning."
The EU wants to position itself as a strong player in the world, as an organisation "built on reason, on the values of the rule of law, human rights and all those freedoms," he said.
"Croatia can be proud of having hosted the foreign ministers in a beautiful atmosphere," he added after the first informal meeting of EU foreign ministers during Croatia's presidency of the Council of the EU.