Open Markets and Fair Trade Act of 1995

Open Markets and Fair Trade Act of 1995 - Directs the Secretary of Commerce to report annually to the Congress on selected countries in which U.S. goods or services, that would otherwise be competitive there, do not have market access. Requires the Secretary, in selecting such countries and sectors, to give priority to any country: (1) with which the United States has a trade deficit if access to such country's markets is likely to have significant potential to increase exports of U.S. goods and services; and (2) in which access to the markets will result in significant employment benefits for producers of U.S. goods and services.

(Sec. 3) Authorizes the President to enter into agreements with such countries for the purpose of obtaining access to their markets.

(Sec. 4) Requires the Secretary, in making certain assessments, to monitor each country's compliance with such an agreement, or with any existing trade agreement with the United States.

(Sec. 5) Requires, in instances where the United States Trade Representative (USTR) determines that the above-mentioned negotiations have not resulted in an agreement, each restriction on, or impediment to, access to the country's markets be considered, under the Trade Act of 1974, an act, policy, or practice that is unreasonable and discriminatory and restricts U.S. commerce.

Requires the USTR, in each case where the Secretary determines that a country is not in material compliance with an agreement for access to their markets to determine what trade relief action to take under a specified section of the Trade Act of 1974.

(Sec. 6) Sets forth expedited procedures for implementation of legislation for presidential action against foreign countries that have unfair trade barriers, or that do not comply with the aforementioned agreements.