Amends the Trade Act of 1974 to require the U.S. Trade Representative (USTR) to make specified determinations about U.S. rights within 30 days after a dispute settlement procedure is concluded if the USTR considers that U.S. rights are involved under the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) or the GATT 1994 relating to products subject to intellectual property protection.
Amends the Andean Trade Preference Act (ATPA) and the Caribbean Basin Economic Recovery Act (CBERA) to require the USTR to ensure a timely review and disposition of requests received from an interested party that the President reconsider the status of a country as a beneficiary country under such Acts.
Amends the Trade Act of 1974, CBERA, and ATPA to revise the requirement that the President, when making a determination to designate a country as a beneficiary developing country entitled to certain trade benefits, to take into account, among other things, the extent to which such country is providing adequate and effective protection of intellectual property rights. Requires the President to make such determination notwithstanding the fact that the country may be in compliance with TRIPS (thus making TRIPS compliance necessary but not sufficient evidence of adequate and effective protection of intellectual property rights).