This paper proposes a Multinational Artificial General Intelligence Consortium (MAGIC) to mitigate existential risks from advanced artificial intelligence (AI). MAGIC would be the only institution in the world permitted to develop advanced AI, enforced through a global moratorium by its signatory members on all other advanced AI development. MAGIC would be exclusive, safety-focused, highly secure, and collectively supported by member states, with benefits distributed equitably among signatories. MAGIC would allow narrow AI models to flourish while significantly reducing the possibility of misaligned, rogue, breakout, or runaway outcomes of general-purpose systems. We do not address the political feasibility of implementing a moratorium or address the specific legislative strategies and rules needed to enforce a ban on high-capacity AGI training runs. Instead, we propose one positive vision of the future, where MAGIC, as a global governance regime, can lay the groundwork for long-term, safe regulation of advanced AI.