Fair Market Access Act of 1994

Fair Market Access Act of 1994 - Directs the Secretary of Commerce to report annually to the Congress an assessment of the access to the Japanese market of goods and services produced or originating in the United States in each sector specifically identified in the Japan-United States Framework for a New Economic Partnership signed on July 10, 1993 (Framework Agreement). Specifies contents of such access assessments.

Authorizes the President to enter into agreements or other understandings with Japan for the purpose of obtaining the market access opportunities described in such assessments.

Requires the United States Trade Representative (USTR) to determine for which sectors identified in each assessment to pursue negotiations in order to conclude such agreements or understandings.

Directs the Secretary to monitor compliance with each agreement or understanding between the United States and Japan reached under this Act, as well as with existing trade agreements between both countries.

Deems an unreasonable and discriminatory act, policy, or practice burdening or restricting U.S. commerce each barrier to access to the Japanese market that is the subject of negotiations under this Act which fail to conclude an agreement or understanding. Requires the USTR to determine what "Super 301" sanction to impose in response to such acts, policies, or practices, as well as in instances of material noncompliance with new or existing agreements or understandings.