A bill to provide for the termination of the application of title IV of the Trade Act of 1974 to Czechoslovakia and Hungary.

Declares that the Congress finds that both Czechoslovakia and Hungary have: (1) recognized fundamental human rights with respect to their citizens; (2) introduced economic reforms based on market-oriented principles; and (3) demonstrated a desire to build a friendly relationship with the United States.

Amends the Trade Act of 1974 to authorize the President to extend nondiscriminatory treatment (most-favored-nation treatment) to the products of both countries.