Sets forth the principal U.S. negotiating objectives (generally similar to the principal OTCA negotiating objectives) regarding trade barriers and other trade distortions, trade in services, foreign investment, intellectual property, transparency, reciprocal trade in agriculture, labor, the environment, and World Trade Organization (WTO) extended negotiations.
Urges the President to take into account certain general international economic policy priorities when entering into a trade agreement with a foreign country (including the extent to which a country has implemented its obligations under the Uruguay Round Agreements). Requires U.S. negotiators to take into account U.S. domestic objectives, including the protection of health and safety, essential security, environmental, consumer, and employment opportunity interests, and related law and regulations.
Requires the United States Trade Representative (USTR) to consult closely with Congress during trade negotiations.
Sets forth the authority of the President (generally similar to the authority under OTCA) to enter into trade agreements with foreign countries regarding tariff and non-tariff barriers. States that a trade agreement (other than an agreement entered into under the auspices of the WTO) may be entered into only if it makes progress in meeting the overall and principal trade negotiating objectives, and the President satisfies certain notification and congressional preauthorization bill (subject to fast-track procedures) and consultation requirements set forth in this Act, including submission of the agreement for assessment by the International Trade Commission.
Declares that bills implementing trade agreements may qualify for congressional trade authorities (fast-track) procedures only if they consist solely of: (1) a provision approving a trade agreement entered into under this Act, and approving any statement of administrative action; (2) provisions directly related to the principal trade negotiating objectives in, and the negotiating objectives in any preauthorization bill enacted under, this Act achieved in such trade agreement, if they are necessary for the operation or implementation of U.S. rights or obligations under such trade agreement; (3) provisions that define and clarify, or provisions that are related to, the operation or effect of the provisions of the trade agreement; (4) provisions to provide adjustment assistance to workers and firms adversely affected by trade; and (5) provisions necessary to comply with budget offset requirements of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Authorizes both Houses of Congress to adopt, within 60 days of each other, a procedural disapproval resolution denying fast-track to any trade agreement if the President has failed or refused to notify or consult with Congress about it.
Exempts from the preauthorization and consultation requirements of this Act any tariff or nontariff agreement which results from negotiations commenced before enactment of this Act, and which is entered into with Jordan or Vietnam.
Requires the appointment of a Congressional Oversight Group to serve as advisor to the U.S. delegation prior to the negotiation of any tariff or nontraiff trade agreement.
Requires the President to submit an implementation and enforcement plan at the same time a final text of any tariff or nontariff trade agreement is submitted to Congress.
Establishes the Commission on Labor and the Environment to assess and prepare reports, with regard to countries in which proposed trade negotiations are to be conducted, on their laws on worker rights and protection of the environment, including any recommendations on modifications to such laws that should be pursued in the negotiations.