Trade and Environment Reporting Act of 1994

Trade and Environment Reporting Act of 1994 - Requires the United States Trade Representative (USTR), at the onset of negotiations for any free trade agreement or other major trade actions, to consult with the Congress, appropriate advisory committees, including the Trade and Environment Policy Advisory Committee, Federal agencies, environmental organizations, and other interested persons, for the purpose of: (1) identifying environmental resources and Federal and State environmental laws that may be affected by such agreements or actions; and (2) determining the scope of a specified environmental assessment in the case of a negotiation for a free trade agreement.

(Sec. 4) Directs the USTR to prepare an environmental assessment for each free trade agreement.

(Sec. 5) Directs the USTR to: (1) consider the results of such consultations with respect to a major trade action before formulating any negotiating position for such action; and (2) review such negotiating position and determine its compatibility with U.S. laws that protect environmental resources or encourage sustainable development.

(Sec. 6) Directs the Council on Environmental Quality: (1) to monitor the effects of major trade actions on environmental resources within the United States; and (2) together with the Secretary of State to cooperate with other nations to monitor and determine the effects of such actions on such resources outside the United States. Requires the Council to report every three years to the Congress on the results of such monitoring.