I expect at least in the medium term it will look more like a global (or at least multilateral) treaty, rather than a global government. But I agree that now is the time to think about how we could like such a thing to be structured. As much as some people would like it to be, the internet can't be the new wild west forever. It will be regulated. The hope is to have it regulated in a fair, consistent, and manageable (minimal?) manner.

As a web-based business owner, I find the prospect of having to comply with an increasing list of obscure regulations from various different entities rather overwhelming. Something comprehensive could be a relief, if it's done right. (Of course, there will still be differences between countries, but perhaps an overarching treaty could at least limit their impact.)