Yes, the article states that this would take the form of reciprocal agreements between the countries involved.
http://www.reuters.com/article/us-microsoft-usa-warrant-idUS...
The feds can no longer spy easily on foreigners by using a US corporation as leverage. However if they get a foreign government to agree to remote warrants, they can then use remote warrants themselves. Since they can't compel Microsoft Ireland to deliver emails, if they can just get Ireland to agree to this, then they can just compel Microsoft Ireland through Irish authority to do the same thing.