A bill to improve the protection of intellectual property rights through the implementation of the Uruguay Round Agreements, and for other purposes.

(Sec. 1) Sets forth U.S. objectives with respect to the international protection of intellectual property rights.

(Sec. 2) Prohibits the President from negotiating any new free trade agreement with a foreign country, unless it is determined that such country: (1) is fully implementing the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS); and (2) is willing to enter into an agreement with the United States to provide intellectual property rights protection in line with that set forth in the Model Intellectual Property Agreement. Requires the President to amend existing free trade agreements to provide greater protection of such rights.

(Sec. 3) Amends the Trade Act of 1974 to require the United States Trade Representative (USTR), among other things, to identify those foreign countries that deny the opportunity to enjoy on a nondiscriminatory basis full commercial benefits associated with exercising rights in protected works, fixations, or products embodying protected works. Sets forth additional factors the USTR must take into account in identifying a priority foreign country. Revises provisions regarding a foreign country's denial of: (1) adequate protection of intellectual property rights; and (2) fair market access. Specifies when a foreign country denies the opportunity to enjoy the commercial benefits associated with exercising rights in protected works, fixations, or products embodying protected rights.

(Sec. 4) Authorizes the President, in addition to other specified sanctions, to take other necessary action to enforce U.S. rights under a trade agreement or to eliminate any foreign country act, policy, or practice which violates such agreement, or burdens or restricts U.S. commerce.

Revises the definition of when an act, policy, or practice is unreasonable to include any act, policy, or practice which denies fair and equitable provision of adequate protection of intellectual property rights, without regard to whether the country is fully implementing TRIPS, or the obligations of any other bilateral, regional, or multilateral agreement.

(Sec. 5) Requires the President, after complying with certain requirements, to withdraw or suspend the designation of a country as a beneficiary developing country that is eligible to receive benefits under the General System of Preferences, if it is determined that such country has been identified as a foreign priority country that denies fair and equitable protection of intellectual property rights and has failed to eliminate such practice. Provides for the redesignation of a country as a beneficiary developing country.

(Sec. 6) Requires the USTR to: (1) develop a Model Intellectual Property Agreement which contains provisions for the protection of intellectual property rights that supplement the standards contained in TRIPS and the North American Free Trade Agreement (NAFTA); and (2) review periodically the Model Intellectual Property Agreement to ensure it reflects adequate protection for new technologies.

(Sec. 7) Requires the President's annual international intellectual property protection report to include a review of the efforts undertaken during the preceding calendar year by each U.S. agency in support of international protection of intellectual property rights.

(Sec. 8) Requires the USTR to develop a procedure for interested private sector persons to participate in the preparation for dispute settlement proceedings which involve the United States with respect to intellectual property rights.