NEGOTIATING OBJECTIVES AND REQUIREMENTS

- Provides authority through June 1, 2005 for the Bush administration to negotiate multilateral agreements aimed at eliminating or reducing trade barriers in manufacturing, services, agriculture, intellectual property, investment, e-commerce and government regulatory practices.

- Calls for negotiations on labor and the environment aimed at ensuring countries enforce their laws in those two areas and at strengthening the capacity of countries to respect core labor standards and protect the environment.

- Calls for negotiations on mechanisms to enforce trade pacts, with the aim of using the same tools to enforce labor and environmental provisions as for other trade areas.

- Calls for increased cooperation between the World Trade Organization and the International Labor Organization and for international consultative mechanisms to promote respect for core labor standards and the environment.

- Requires the U.S. Secretary of Labor to consult with countries seeking trade agreements with the United States and to provide technical assistance to those countries.

- Requires a report on child labor laws of U.S. trading partners.

- Directs the president to take legitimate health, safety, essential security and consumer interests into account when negotiating trade pacts.

- Directs U.S. trade officials to avoid agreements that reduce the effectiveness of U.S. anti-dumping or countervailing duty laws.

- Seeks the elimination or reduction of foreign farm subsidies and practices that distort trade or reduce sales opportunities for U.S. farmers.

- Directs U.S. negotiators to provide reasonable adjustment periods for import-sensitive farm products.

- Seeks elimination or substantial reform of agricultural "state-trading enterprises," such as the Canadian Wheat Board.

- Seeks to end foreign labeling requirements on food products made from genetically-modified grain, as well as other "unjustified restrictions" on products of biotechnology.

- Seeks to preserve U.S. food assistance, market development, export credit and other "non-trade distorting" programs that support U.S. farmers.

CONGRESSIONAL OVERSIGHT

- Establishes a bipartisan Congressional Oversight Group to work with the U.S. Trade Representative's office to set specific negotiating objectives and monitor progress.

- Requires the U.S. Trade Representative to develop written guidelines for keeping Congress informed and providing access to negotiating documents, even if classified.

- Requires the president to provide written notice to Congress before initiating trade negotiations and before entering into an agreement.

- Requires consultation with the Ways and Means Committee, the Agriculture Committee and the Congressional Oversight Group throughout the negotiations.

- Requires the president, before entering into any agreement, to report to Congress on how well individual negotiating objectives have been met.

- Allows lawmakers to revoke trade promotion authority for a specific set of negotiations if both the House and the Senate vote within 60 days on a disapproval resolution stating that the administration has failed to consult with Congress.

- Allows Congress to reject any agreement negotiated by the executive branch.