Sets forth the principal U.S. negotiating objectives (generally similar to the principal OTCA negotiating objectives) under the auspices of the World Trade Organization (WTO), or in seeking a trade agreement establishing a Free Trade Area for the Americas (FTAA), or bilateral trade agreements, with regard to reciprocal trade in agriculture, trade in services, trade in manufactured and non-agricultural goods, trade in civil aircraft, rules of origin, dispute settlement, sanitary and phytosanitary measures, technical barriers to trade, trade-related aspects of intellectual property rights, transparency, government procurement, trade and labor market standards, trade remedy laws, trade and the environment, trade and investment, electronic commerce, developing countries, corruption, and WTO agreements. Requires U.S. negotiators in pursuing such objectives to take into account legitimate U.S. domestic objectives, including, but not limited to, the protection of health and safety, essential security, environmental, consumer, and employment opportunity interests, and related laws and regulations.
Requires the President to take into account the extent to which a foreign country has implemented its obligations under the Uruguay Round Agreements when entering into a trade agreement with such foreign country.
Amends the Trade Act of 1974 to set forth certain changes in the designation of congressional advisers on trade policy and 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 may be entered into only if it makes progress in meeting the overall and principal trade negotiating objectives, it would benefit the United States, the President satisfies certain congressional notification and consultation requirements, including submission of the agreement for assessment by the International Trade Commission, and the U.S. Trade Representative consults with congressional trade advisers and relevant committees and assesses the environmental effects of the agreement.
Declares that bills implementing trade agreements may qualify for fast track procedures (no amendments) if they contain: (1) a provision approving a trade agreement entered into under this Act, and approving any statement of administrative action; (2) provisions necessary to implement such trade agreements if changes in existing laws or new authority are required to implement it; and (3) provisions to provide trade adjustment assistance to workers, firms, and communities. Extends fast track procedures to bills implementing trade agreements only if the President requests such extension and neither House of Congress adopts an extension disapproval resolution.
Exempts from congressional notification and consultation requirements any tariff or nontariff agreement which results from negotiations commenced before enactment of this Act, and which: (1) is entered into under the auspices of the WTO regarding rules of origin or otherwise under the WTO; (2) is entered into with Chile or Singapore; or (3) establishes a FTAA.
Requires the President to submit an implementation and enforcement plan at the time a final text of any tariff or nontariff trade agreement is submitted to Congress.