Technology Transfer and Intellectual Property Protection Act

Technology Transfer and Intellectual Property Protection Act - Authorizes the President to negotiate and enter into multilateral and bilateral trade agreements with the principal objective of obtaining the elimination or reduction of foreign barriers to, and foreign government acts, policies, or practices which limit, equitable access by U.S. persons to foreign-developed technology. Requires the United States, in pursuing such objectives, to take into account the U.S. policies in making available to foreign persons technology developed by U.S. laboratories. Prohibits any such trade agreement from being entered into which provides for the reduction or elimination of any duty, import quota, or any other import restriction that is imposed under U.S. law before the President enters into the agreement.

Requires the U.S. Trade Representative, in conjunction with the National Science Foundation, to monitor and report to specified congressional committees on the transfer of technology between the United States and foreign countries.

Provides that an act, policy, or practice of a foreign government or instrumentality shall be considered unreasonable (and therefore actionable under the Trade Act of 1974) if such act, policy, or practice constitutes a requirement, as a condition for importation into such foreign country of a U.S. article, that: (1) intellectual property be licensed to such foreign country or instrumentality or to any firm of such foreign country or instrumentality; or (2) technical information regarding a U.S. product or service be submitted to such foreign country or instrumentality.

Directs the Secretary of Commerce to designate a Foreign Commercial Service Officer in a foreign country to monitor and report on the status of the intellectual property system in such country.

Amends the Foreign Assistance Act of 1961 to authorize the President to furnish assistance for programs to aid less developed countries in developing and implementing adequate intellectual property laws and in developing their own indigenous technology. Directs the Secretary of Commerce to identify the technical assistance needs of less developed countries.

Directs the Secretary of Commerce to establish the United States Intellectual Property Training Institute which shall train individuals of developing nations in both management and technical skills regarding the protection of intellectual property.