Every time such thoughts come up, I am reminded of how difficult it is to bring the world to a consensus. Easier said than done, it's pretty comfortable putting a regulation on paper but bringing it to practice can take a toll. Internet regulation does not stop at content policing and stopping malicious activities, it rather extends to creating difficulties in doing online business globally and taking a toll on innovation. China is regulated; how many websites coming to China from outside do a successful business there (enlighten me)! I really doubt if all the members would agree for such pact at the cost of business and innovation; unless there is a pressure from corporates (anon attack on master and visa).