In a prisoner's dilemma the players can't rely on one another to self-regulate. This is why Mafias kill snitches, so when their members are in a prisoner's dilemma they can rely on the knowledge that if themselves or the other party snitches they have more to lose than gain.

The problem is that there can not be any outside party to regulate this on a global scale

> Non-democratic counties (hey there China) will not abide by any agreement that constrains their advantage.

The main counterexample to this was nuclear weapons. Atom bombs have not been used to kill since the US did so. However today, the two largest nuclear powers have no legal agreement on arms control because Donald the Trump declined Russia's offer for an extension to the existing agreement. Now other countries are looking at Ukraine, Iran (attacked for wanting nukes) vs NKorea (not attacked because they have them), and Donald's own musings about the US nuclear umbrella being a bad idea (France is going to build more nukes now too)... and we now face nuclear proliferation again on a global scale, with tech that is nearly 100 years old now.