Amends the Trade Act of 1974 to extend from FY 2005 through 2009 (currently, 1995 only) the U.S. Trade Representative's mandate to identify and report on trade expansion priorities.
Requires the Trade Representative, before initiating an investigation (as under current law), to seek consultations with each foreign country identified in the report as engaging in priority foreign country practices, for the purpose of reaching a satisfactory resolution of such priority practices. Requires initiation of an investigation only if a satisfactory resolution of such practices has not been reached.