I don't worry seriously about it, because frankly this is about the international trade in weapons; it's not about domestic regulation. I think Canada has actually provided useful clarification that it should not be about domestic ownership of guns, but it is about the international trade in weapons.
There are very specific rules about trade in bananas, in iPods, in you name it, just about everything, and not on weapons. It seems ridiculous.
I think we can have international standards. Obviously it will take time before every country can live up to them, so helping countries that don't have the actual capacity to enforce the standards should be a key part of the treaty. At some point this will help us move towards international norms that would stop weapons from reaching human rights abusers or from leaking out into criminal elements.