Fast Track Trade Authority bill

Bipartisan Trade Promotion Authority Act of 2002 - (Sec. 2) Sets forth the overall trade negotiating objectives of the United States for trade agreements (generally similar to the objectives of the Omnibus Trade and Competitiveness Act of 1988 (OTCA)), including to: (1) further strengthen the system of international trading disciplines and procedures, including dispute settlement; (2) foster economic growth, raise living standards, and promote full employment in the United States and to enhance the global economy; (3) ensure that trade and environmental policies are mutually supportive and seek to protect and preserve the environment, while optimizing the use of the world's resources; (4) promote respect for worker rights and the rights of children consistent with core labor standards of the International Labor Organization and an understanding of the relationship between trade and worker rights; (5) seek provisions in trade agreements under which parties to such agreements strive to ensure that they do not weaken or reduce the protections afforded in domestic environmental and labor laws as an encouragement for trade; and (6) ensure that trade agreements afford small businesses equal access to international markets, equitable trade benefits, expanded export market opportunities, and provide for the reduction or elimination of trade barriers that disproportionately affect small business.

Sets forth the principal U.S. negotiating objectives (generally similar to the principal OTCA negotiating objectives) regarding trade barriers and other trade distortions, trade in services, foreign investment, intellectual property, transparency, anti-corruption, improvement of the World Trade Organization (WTO) and other multilateral and bilateral trade agreements, foreign regulatory practices, electronic commerce, reciprocal trade in agriculture, labor and the environment, dispute settlement and enforcement of trade agreements, border taxes, and WTO extended negotiations.

Requires the United States Trade Representative (USTR) to consult closely with Congress during trade negotiations.

(Sec. 3) Sets forth the authority of the President (generally similar to the authority under OTCA) to enter into trade agreements with foreign countries regarding tariff and non-tariff barriers. States that a trade agreement may be entered into (before June 1, 2005; or June 1, 2007, if trade authorities procedures (or fast-track procedures) are extended under this Act) only if it makes progress in meeting the overall and principal trade negotiating objectives, and the President satisfies certain notification and consultation requirements set forth in this Act, including submission of the agreement for assessment by the International Trade Commission (ITC).

Applies trade authorities procedures to bills implementing trade agreements if they consist of: (1) a provision approving a trade agreement entered into under this Act, and approving any statement of administrative action; and (2) if changes in existing laws or new statutory authority are required to implement such agreements, provisions necessary to implement them, either repealing or amending existing laws or providing new statutory law.

(Sec. 5) Authorizes both Houses of Congress to adopt a procedural disapproval resolution denying trade authorities procedures to any trade agreement if the President has failed or refused to notify or consult with Congress about it. Denies the application of trade authorities procedures to any implementing bill with respect to any such agreement negotiated under the auspices of the WTO, unless the Secretary has reported to Congress the U.S. strategy for correcting instances in which dispute settlement panels and the Appellate Body of the WTO have added to obligations or diminished rights of the United States.

(Sec. 6) Exempts from the notice and consultation requirements of this Act any tariff or nontariff agreement which results from negotiations commenced before enactment of this Act, and which: (1) is entered into under the auspices of the WTO regarding the rules of origin work program; (2) is entered into with Chile or Singapore; or (3) establishes a Free Trade Area for the Americas.

(Sec. 7) Requires the convening of a Congressional Oversight Group to serve as advisor to the U.S. delegation in the negotiation of any tariff or nontariff trade agreement.

(Sec. 8) Requires the President to submit an implementation and enforcement plan at the same time a final text of any tariff or nontariff trade agreement is submitted to Congress.

(Sec. 11) Directs the ITC to report to specified congressional committees regarding the economic impact of specified trade agreements on the United States.

(Sec. 12) Directs the USTR to pursue, and to report to Congress on, the identification of a small business advocate at the WTO Secretariat to examine the impact of WTO agreements on the interests of small- and medium-sized enterprises, address their concerns, and recommend ways to address those interests in trade negotiations involving the WTO.