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Reported to House amended, Part I (10/20/1995)

Trade Agreements Authority Act of 1995 - Declares that the overall negotiating objectives of the United States with respect to trade agreements with foreign countries are to: (1) obtain more open, equitable, and reciprocal market access; (2) obtain reduction or elimination of barriers and other trade-distorting policies and practices; (3) further strengthen the system of international trading disciplines and procedures; (4) foster economic growth and full employment in the United States and the global economy; and (5) develop, strengthen, and clarify rules and disciplines on restrictive or trade-distorting import and export practices.

(Sec. 2) Declares that the principal negotiating objectives of the United States regarding specific trade barriers and other trade distortions are: (1) to expand competitive market opportunities for U.S. exports; and (2) to obtain more open and fair conditions of trade by reducing or eliminating specific tariff and nontariff trade barriers and practices of foreign governments related to trade that distort or impede U.S. imports or exports. Sets forth such negotiating objectives with respect to: (1) trade in services; (2) foreign direct investment; (3) intellectual property; and (4) transparency. Requires the President, in determining whether to enter into negotiations with a particular country, to take into account whether such country has implemented its obligations under the Uruguay Round Agreements.

(Sec. 3) Authorizes the President, whenever existing foreign or U.S. duties or import restrictions are unduly burdening and restricting U.S. foreign trade, to enter into trade agreements with foreign countries (through December 15, 1999, or through December 15, 2001, if trade authorities procedures are extended) and proclaim, subject to specified limitations, modification or continuance of any existing duty or existing duty-free treatment, or additional duties.

Authorizes the President to enter into bilateral or multilateral trade agreements to reduce, eliminate, or prohibit any unfair duty, restriction, or barrier whenever such duty, restriction, or barrier: (1) unduly burdens or restricts U.S. foreign trade or adversely affects the U.S. economy; or (2) is likely to result in such a burden, restriction, or effect.

Specifies kinds of implementing bills to which trade authorities procedures apply, but only up to December 15, 1999. Authorizes the President to request an extension of such procedures to implementing bills submitted with respect to trade agreements entered into after December 15, 1999, and before December 14, 2001. Prescribes procedures for congressional disapproval of such a presidential request.

(Sec. 4) Requires the President to: (1) notify, and consult with, the Congress before initiating trade negotiations or entering into any trade agreement; and (2) submit implementing bills to the Congress before any trade agreement can take effect. Sets forth a procedure for congressional disapproval of the application of trade authorities procedures to an implementing bill.

(Sec. 6) Waives such notification and consultation requirements with respect to an agreement directly related to the principal negotiating objectives of the Uruguay Round Implementation Act, and an agreement providing for the accession of Chile to the North American Free Trade Agreement (NAFTA), if negotiations for such agreements commenced before enactment of this Act.

(Sec. 7) Amends the United States-Israel Free Trade Area Implementation Act of 1985 to authorize the President to proclaim the elimination or modification of any existing duty in order to exempt any article from duty if: (1) the article is wholly the growth, product, or manufacture of the West Bank or Gaza Strip or a qualifying industrial zone; and (2) the article is imported directly from such Area or zone, and the sum of the materials and processing costs of such article is not less than 35 percent of the appraised value of such product at the time it enters into the United States. Authorizes the President to: (1) treat such articles as items of Israel for purposes of the free trade agreement entered into between the United States and Israel in 1985; and (2) include the value of materials and processing costs of such articles as values and costs under such agreement.