To encourage the establishment of free trade areas between the United States and certain Pacific Rim countries.

Declares it to be U.S. policy to seek the elimination of certain tariff and nontariff barriers and to achieve more open, equitable, and reciprocal market access through the negotiation of bilateral free trade agreements with eligible Pacific Rim countries.

Directs the President: (1) to initiate preliminary consultations with the government of each eligible Pacific Rim country within 60 days after enactment of this Act; (2) if such consultations indicate that establishment of a free trade area between the United States and the country is feasible and desirable, to request a meeting at the ministerial level to consider the conditions for formal negotiations; and (3) to recommend establishment of a council of public and private sector officials from the respective countries to analyze and report on the existing bilateral relationship and the prospects for a successful negotiation.

Directs the President to report to specified congressional committees on the feasibility of commencing formal negotiations regarding a free trade agreement with a Pacific Rim country.