Relating to the establishment of a United States-Japan bilateral framework agreement.

Expresses the sense of the Congress that the President shall commence bilateral negotiations immediately with Japan for the creation of a bilateral framework agreement on trade and economic issues that includes: (1) a declaration of the political and economic importance of U.S.-Japan relations and respective commitments under GATT; (2) specification of the topics for regular discussion between the two countries, including expansion of domestic demand in Japan and reduction of the U.S. budget deficit, invisible trade barriers, and agricultural policy; and (3) a dispute settlement mechanism.