It's going to become increasingly expensive and politically complex to operate an Internet company at Internet scale. That process of country to country division (legally/politically), will continue to accelerate. Although they're getting the first punches to the face because they're easy and obvious targets, companies like Google or Facebook, will trivially withstand it over time. They can afford whatever compliance…
Even if this is so, could you think of a better alternative for some modicum of consumer protection?
North America, the EU+Eurozone, Australia/New Zealand, Japan, and as much of Latin America & Africa as possible, should come up with a common framework that gets you an extremely high degree of compliance out of the gate if you follow it (with some expected smaller issues that are likely to be unavoidable on a nation to nation basis).
WTO for the Internet. It's probably an inevitable outcome in some manner. The difficulty (cost, compliance and just plain frustration) will get great enough such that this will happen. The primary question is what form it'll take, what authority body/bodies it falls under, who initiates it, who the stragglers are, and so on.
China would never sign on to it, and several dozen other nations also would likely lag or refuse. In China's case, they've always operated their own Internet, so they're irrelevant to the context that's occurring.