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Been tried before... http://en.wikipedia.org/wiki/Washington_Naval_Treaty
Only takes one player breaking the rules to overturn the whole thing.
If economics theory teaches us something, is that in that specific scenario, when situation depends on parties "not breaking" a certain rule, they'll certainly do so, because everyone is expecting the others to do so. Basically, if you intend to make it be governed by some sort of laws or treaties, parties will break those at their first chance