Foreign Trade Practices Act of 1986

Foreign Trade Practices Act of 1986 - Amends the Export Administration Act of 1979 to make it unlawful for any U.S. person, in order to receive help in obtaining business with a foreign government or entity, corruptly to offer money or anything of value to a foreign official or a foreign political party, candidate, or party official. Prohibits a U.S. person from acting in the U.S. interstate or foreign commerce with knowledge that a third party will make such an offer for such a purpose. Exempts from such prohibitions: (1) any payment made to expedite, or secure the performance of, a routine governmental action, other than an action to award business to a U.S. person; or (2) any payment which is permitted under the law of the country involved. Directs the Secretary of Commerce to issue guidelines and procedures for compliance with this Act. Requires the Secretary to establish a procedure to provide responses to specific inquiries concerning compliance with this Act. Sets forth penalties for violations.

Requires the Secretary to review and report to the President and to specified congressional committees on the impact of the amendments made by this Act on the export activities of U.S. businesses.

Expresses the sense of the Congress that the President should pursue the negotiation of an international agreement governing payments made to foreign government or political party officials in order to receive help in obtaining business from that foreign government. Directs the President to report to the Congress within one year of enactment of this Act on those negotiations and other possible actions.