Defense Trade Cooperation Act of 2003 - Amends the Arms Export Control Act (the Act) to make the requirement of a bilateral agreement prior to the transfer of defense articles or services from the United States to a foreign country inapplicable to a bilateral agreement between the United States and the Government of: (1) Australia, with respect to transfers or changes in end use within Australia of defense items that will remain subject to the licensing requirements of the Act after such agreement enters into force; or (2) the United Kingdom, for an exemption from such licensing requirements. Requires the President, at least 30 days before authorizing such an exemption, to certify to the congressional foreign and international relations committees that such an agreement: (1) is in the national interest of the United States; (2) does not adversely affect the ability of the International Traffic in Arms Regulations to provide controls for licensed exports of U.S. defense items; and (3) will not adversely affect the duties or requirements of the Secretary of State under the Act. Directs the President to submit to such committees a text of the regulations that authorize such a licensing exemption.
Requires a report from the President to such committees on licensing requirement exemption issues raised during consultations with respect to the terms of any bilateral agreements with such countries.
Directs the Secretary of State to notify such committees within 90 days after receiving credible information regarding the unauthorized end-use or diversion of U.S. exports made pursuant to any agreement with a country to gain exemption from such licensing requirements.