Fair International Labor Standards in Trade and Investment Act of 2001

Fair International Labor Standards in Trade and Investment Act of 2001 - Authorizes the Secretary of Labor, through the International Labor Affairs Bureau, to promote fair international standards in trade and investment by: (1) representing the United States in the International Labor Organization (ILO), supporting ILO activities, and consulting with organizations that represent employers and employees in ILO; (2) providing bilateral and multilateral technical assistance to enable developing countries in particular to implement core labor standards, strengthen governmental capacity to enforce national labor laws and protect internationally recognized worker rights, and develop policies to assist workers who are adversely affected by shifts in trade and investments flows, structural adjustments, and macroeconomic changes within national economies and the global economy; (3) providing bilateral aid to foreign countries to eliminate abusive child labor and other trade and investment-related worker rights violations and to support workforce development programs to foster broad-based, equitable, and sustainable economic development in recipient countries; (4) compiling and reporting annually to Congress on the extent to which each foreign country that has a trade and investment agreement with the United States protects the free exercise of internationally recognized worker rights as required under U.S. law, and promotes core labor standards as embodied in the ILO Declaration on Fundamental Principles and Rights at Work; (5) conducting research and analysis on the relationship between internationally recognized worker rights and core labor standards and the conduct of international, trade, commerce, and investment and related trends; and (6) making grants, contracts, and cooperative agreements to carry out such functions.