Inaugural Address by President of the Republic of Finland Alexander Stubb at the Raisina Dialogue 2026 in New Delhi, India, on 5 March 2026

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Prime Minister Modi,

Ministers,

Excellencies,

Ladies and gentlemen,

It is an honour to be here today to inaugurate the 11th edition of the Raisina Dialogue alongside a world leader that I have great respect for, Prime Minister Modi.

During the past decade, Raisina has developed into one of the world's most foremost platforms for strategic thinking and global engagement. For that, I want to congratulate Foreign Affairs Minister Dr. S. Jaishankar and the President of the Observer Research Foundation (ORF) Samir Saran.

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We human beings have a tendency to make three mistakes. First, we over-rationalise the past. Second, we over-dramatise the present. And third, when dwelling on the past and being upset by the events of today, we end up underestimating the future.

This is ever so true for all of us nerds of international relations. We love to draw parallels between the past and the present. Sometimes to make convincing-sounding predictions. And sometimes just to make the case that the world was more orderly in the good old days.

At the same time, we get all het up about things that we see around us. As if the world had never experienced crisis of the scale that we are presently facing. I was reminded of this when I recently read Peacemaker, the biography of U Thant. The number of global crises is fairly constant.

By this I do not mean to diminish, in any which way, the significance of the increase of the number of local and regional conflicts that we are now witnessing around the world. I am deeply concerned of what we see today in the Middle East, Sudan and Ukraine, just to name a few.

My worry is that these conflicts are incrementally becoming global. And my aim today, is to try to find a pathway back to an international order in which institutions, norms and rules are respected. Without a functioning world order, power vacuums will be filled by raw power, rogue behaviour and predatory hegemons.

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Today, we hear assessments that the rules-based world order is dead. That a wrecking ball is destroying all of the international institutions and rules that have been built since World War II. And that a rupture of the old system is inevitable.

Sure, we are living through a major change in world politics. Sure, the old order is being challenged, questioned and attacked. But I would argue against a binary, everything-is-lost kind of a view. The reality is probably much more complex. I really liked Mark Carney's speech in Davos. And I want to build on that today.

Instead of only describing what is presently wrong with the global order - or disorder, as the case might be - or longing back to the olden days, we should set our sights to the future. We should strive to provide concrete normative proposals on how to fix the global order and make it work better for all. This is not idealism, but motivated by our interests and realism.

Now, you will know that we Finns are often described as being cool, calm and collected. When the going gets tough, a Finn goes in the sauna and takes an ice-bath. We consider it a good way to clear the mind, take a breather and try to understand what is going on in the world.

This goes well with the theme of this year's Raisina dialogue: Saṁskāra - Assertion, Accommodation, Advancement. We have to sit down, take the world as it is and make the best out of it, in a dignified manner.

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Today I will kick off the debate here at the Raisina Dialogue by focusing on two things. First, I will start by attempting to identify the problem. Here, some dwelling in the past and the present will be necessary.

Second, I will try to outline a number of possible solutions for the future.

In both of these parts I will reflect on what India teaches the world. It is an attempt by someone who has been born and bred into to the western-dominated liberal world order to understand how the world is changing.

My thesis is very simple: I believe that the Global South will decide what the next world order will look like. India, as a major power, will be a major force in deciding whether the world will tilt towards conflictual multipolarity characterised by deals, transactions and spheres of interests.

Or whether we can build a new cooperative, fair and representative multilateral world order based on international institutions, rules and norms. The policy choices that India and other key powers make truly matter in this time of transition. They will set the direction for the future.

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Let me begin by stating the fairly obvious. The world order is changing, much like it did after World War I, World War II and the Cold War. It will take a few years for things to settle. Only two things are for sure: more players have agency, and the starting point for a new settlement is different from 1918, 1945 or 1989.

The global balance of power has shifted. The Global South has both demography and economy on its side. The era of a Western dominated world order is over. This is obvious, but it will take some time to sink in across the West.

Nostalgia can give you lessons, but it rarely provides you with solutions. A good starting to point to any analysis is to deal with the world as it is, instead of how we would wish it to be.

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We live in a time of power politics. A time where might seems to make right.

Violence has once again become a go-to foreign policy tool used around the world with little restraint.

In Ukraine, Russia is trying to subjugate a sovereign country through a war that is a blatant violation of international law. The way this war will end, will have major consequences not only in Europe, but globally. It is in all our interest, that the outcome does not reward the aggressor.

In the Middle East, the events have taken rapid turns. We are now witnessing a regional escalation with countries who were pushing for a diplomatic solution attacked.

In Sudan, the vicious circle of domestic power battle and regional rivalry has led to a one of the deadliest conflicts of our time, forcing millions of people to leave their homes.

Gone are the days when international politics were predictable, even to some degree. Now, each new day may bring new surprises and challenges to tackle.

Foreign Minister Jaishankar has remarked that "Europe has to grow out of the mindset that Europe's problems are the world's problems but the world's problems are not Europe's problems". I wholeheartedly agree. What we need to recognise is, that all the three examples I mentioned - and many other wars and conflicts - are all of our problems. We need to work together to solve them.

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Does this mean that the liberal world order is dead? No, it does not. The fact that the rules are broken does not make all the system null and void any more than someone getting caught for speeding makes speeding limits irrelevant. If we give up on international rules, the current world order would collapse. But we are far from that.

None of the previous world orders have been perfect. We should drop the illusion of a utopian order in which all 200 nation states of this world live in harmony, peace and eternal love. Instead, we should try to figure out how best to contain power in an imperfect world.

When I say that we should drop the illusion of a perfect order, I should probably specify: I mean "we" in the West. To us, the change we are living through has become as somewhat of a shock.

For decades, we got to enjoy relative peace and stability, functional global supply chains and stable alliances. At times, we offered advice and criticism from our ivory towers to those faced with a different reality.

Now our holiday from history is over. Instead of preaching and teaching, it is time for us to learn from others. India would be a good starting point.

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India has been under no illusions. For your entire independence, you have based your foreign policy on a pragmatic, realistic world view. You have showed the rest of the world what strategic caution and safeguarding autonomy means. All the while championing multilateralism and global cooperation.

It is time we all became a bit more Indian.

Whether you call it non-alignment or multi-alignment, you have been careful not to rely solely on the goodwill of one partner or bloc. You have invested in your own security and actively developed partnerships in many directions.

Your approach makes sense. You represent one fifth of the global population. You cannot be a mere follower. You have to be an active, independent actor.

The Europeans have now also been taught a lesson from India: passivity is not a strategy. We have to develop our own capabilities, avoid harmful dependencies and strengthen our global partnerships.

And we have to continue investing in our alliances. Indeed, for a country like Finland, the collective security that NATO provides, is a necessity, and the economic clout that the EU projects is a must.

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Despite not being a part of a formal alliance, India does not isolate itself. Its power is based on active engagement.

A timely example of this is the EU-India Strategic Partnership that took major steps forward earlier this year with the conclusion of a comprehensive Free Trade Agreement and the launch of a Security and Defence Partnership. This agreement, and the other major trade agreements signed by both India and the EU in the past year, underline the fact that we still believe in multilateral cooperation and the benefits it brings.

Our deal was not just a Mother of All Deals, but a strategic choice and a gesture that opens up a new era in our relationship. Together, we are building a partnership that can set an example to the rest of the world. A partnership, that is built on mutual respect and common interests and serves to strengthen the multilateral system, not undermine it.

We refuse to believe that the future will only belong to two great powers, while the rest of us are left to choose our sides. This does not hold true now. And it will not hold true in a decade or two. We should not allow it.

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So, let me now move on to a few concrete suggestions on how to begin shaping the new world order. Some of the proposals are of substance, others on procedure.

India and Finland understand what it means when power goes unchecked. We have both gone through difficult periods in history and fought for democracy, equality and sovereignty. We don't want to see these values forgotten.

Finland's foreign policy is based on values-based realism. We stand by values that we consider important and central to us: democracy, equality, justice, human rights and freedom, just to name a few. At the same time, we are ready to engage in dialogue and cooperation with countries that do not necessarily share our values.

The aim is to find a balance between values and interests in a way that prioritises principles but recognises the limits of our power, and respects the reality of the world's diverse cultures and histories.

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In many ways, India has been applying values-based realism for far longer than we have. Thousands of years ago, Kautilya´s Arthashastra recognised that the international system is competitive and interests driven. It called for a pragmatic and realistic approach to statecraft. At the same time, the ruler's ultimate duty was to uphold values and ethics, guided by the concept of Dharma.

This marriage of interests, values and principles is evident in how India works as a constructive founding member of the UN and one of the biggest contributors to global peace keeping operations. Defending multilateralism is in the Indian DNA.

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How, then, to apply values-based realism in the multilateral system? I have three substantive proposals.

First, we need to improve representation. International institutions must not be one more tool of power for the powerful.

Currently, their power structures reflect the world as it was, not as it is. The voices of the Global South must be heard much louder than today. The obvious place to start is the UN Security Council.

I have proposed two new permanent seats for Asia, two for Africa and one for Latin America. Clearly, India should hold a seat.

Equally, we should reform the Bretton Woods institutions. The countries where the future of the world economy is shaped, should have a bigger say.

We also urgently need to reform the WTO to work better for all. Currently, the rules-based trade system is not delivering as it should and trade is being wielded as a geopolitical tool. In this area, India's leadership is needed.

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Second, we must create rules and norms that bring stability, but allow for diversity. Technology, especially AI regulation, is a test case. AI is a life-changing technology. It is the first technology that can be seen to have agency on its own.

We are creating something new, and we have to make sure that what we create works for all. For that we need common basic rules and guardrails.

But we also need to acknowledge the different realities around the world; different systems create very different threats and opportunities. New technologies should not deepen the digital divide between the developed and the developing world. They should bridge it.

This is a field where India has leadership, recently highlighted by the AI Impact Summit. I could not agree more with what Prime Minister Modi said in his address at the Summit: AI will only benefit the world when it is shared.

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Third, we need to accept local and regional solutions while developing our joint international institutions. These two layers can live side by side.

My point is that for international institutions to survive, we need to strengthen regional integration globally. Mercosur, ASEAN, the African Union, the GCC the EU and many others are examples of organisations which are good at dealing with regional challenges.

Regional organisations are at their best when they support the multilateral system and amplify the voices of their members in the international arena. We should start by giving regional organisations more structured representation in different global forums and summits. When possible, we should also delegate powers to the level with best available knowledge of local circumstances.

Victims of war cannot wait for perfect institutions. We have to push for solutions in an imperfect world. Global phenomena such as climate change and migration, have local impacts, and they require local solutions.

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Overall, we need an approach that I call "dignified foreign policy." We have to create an atmosphere of dialogue and engage with each other on an equal footing with respect.

By reforming the multilateral system to better reflect the realities of today, we have a chance to save it. At the same time, we have to hold on to the core principles the system is built on.

Those principles are enshrined in the UN Charter: prohibition of the use of force and respect for sovereignty and international law. And this applies to each and every one of the 193 members of the United Nations.

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To finish off, let me make a procedural proposal on how to try to get things back on track. The foundations of the United Nations were built in San Francisco, much like the framework for our global financial system was built in Bretton Woods.

What the world needs now, is a new San Francisco moment. A moment where world leaders come together in the spirit of cooperation to think long and hard to reform the international institutions that have served us since World War II.

We need to rebalance the world order. We need to agree on the principles on which we can find common solutions to common problems. And if I may, I can hardly think of a better place to do it than New Delhi. We need a New Delhi moment.

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So, in conclusion, it is in our interests to make the international system more inclusive and fairer, while maintaining its core values and principles.

The division of power is a political reality. Some have more, others less. How one uses power is a political choice. We can choose multipolar, opportunistic competition. Or we can choose mutually beneficial multilateral cooperation.

Us Finns are known globally as the happiest people in the world. Although I have to say, that one would not necessarily draw that conclusion from a Monday morning tram ride in Helsinki in November.

Indians, on the contrary, are a smiling people. And you are consistently topping one very important statistic: the one that measures optimism. Most Indians believe, that tomorrow will be better than today.

Let's combine Finnish happiness and Indian optimism in constructing a fairer and more stable new world order. Together we are stronger.

Thank you.