。
I've called off my engagement.
Literal
I [topic-は] engagement [object-を] called-off.
解消する = 'to dissolve, cancel, call off' — the standard verb for terminating a formal arrangement (engagements, contracts, subscriptions). Explicit 私は is somewhat marked in Japanese, usually signaling contrast ('I, as opposed to someone else') or deliberate emphasis. The polite past tense sets a neutral, dignified tone appropriate to announcing a serious personal decision.