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 (before December 31, 2005; or December 31, 2007, if trade negotiating authority is extended by Congress; or December 31, 2009, if a second extension is approved) only if it makes progress in meeting the principal trade negotiating objectives, and the President satisfies certain congressional notification and consultation requirements set forth in this Act.
Applies trade agreement approval procedures (fast-track procedures) to bills implementing trade agreements only if they consist of provisions: (1) approving a trade agreement entered into under this Act and the statement of proposed implementing administrative action; (2) necessary to implement such agreement; (3) necessary for compliance with the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act); and (4) relating to certain points of order in the Senate. Prohibits implementing bills from containing any provision that changes the health, safety, labor, environmental, or essential security laws or standards of the United States. Authorizes both Houses of Congress to adopt, within 60 days of each other, a procedural disapproval resolution denying trade agreement approval procedures to any trade agreement if the President has failed or refused to notify or consult with Congress about it.
Exempts from the notice and consultation requirements of this Act any tariff or non-tariff agreement (including the application of trade agreement approval procedures to such agreement) which results from negotiations commenced before enactment of this Act: (1) under the auspices of the World Trade Organization (WTO) regarding trade in information technology products; (2) pursuant to a Uruguay Round Agreement; (3) with Chile, Singapore, Australia, or New Zealand; or (4) to achieve a free trade area of the Americas.