The question is it possible for sovereign states to reach global agreements is a loaded question. Ultimately I would say that sovereign states are able to reach global agreement when and only when it is in that states interest to agree.
The late 20th century was booming with globally recognized agreements. For example the Universal Declaration of Human Rights was adopted in 1948, the International Covenant on Civil and Political Rights came into being in 1976, and in 1990 the Convention of the Rights of the Child were decided. http://www.unfpa.org/swp/2001/english/appendix.html
There have been world summits and conferences about HIV/AIDS, Conference on Women, a world summit on Social Development (from the link above). There have been others and these are just examples. In these situations, the world got together and decided what it should do regarding the different topics.
In these cases a global agreement was reached. So therefore it is possible for a global agreement to be reached. There are of course exceptions to that rule such as torture to which the world can not agree.
On paper a global agreement can be reached between sovereign states. The UN has proven that point. http://www.un.org/aboutun/ Global agreements can be reached yet they will be fragile ones and can be easily broken at any time.
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