Export Promotion and Economic Growth Act of 1985

Export Promotion and Economic Growth Act of 1985 - Declares that it is the purpose of this Act to reduce the trade deficit of the United States with Japan to at least a specified level through the reduction of trade barriers.

Amends the Trade Act of 1974 to include in the annual report by the U.S. Trade Representative on national trade estimates a detailed consideration of all product approval procedures, customs procedures, and other nontariff trade barriers imposed by Japan with respect to U.S. exports.

Authorizes the President to enter into negotiations with Japan to obtain agreements which: (1) ensure market access for U.S. goods and services in Japan; (2) ensure access of U.S. persons to investment opportunities in Japan; (3) extend the principles of the General Agreement on Tariffs and Trade to trade between the United States and Japan in areas of direct investment, trade in services, trade in high technology goods, and intellectual property rights; and (4) establish an internationally acceptable basis for enforcement of trading and investment rights. Directs the President, if insufficient progress is made in such negotiations, to recommend to the Congress such legislative changes in U.S. trade policy with Japan as necessary, including denial of nondiscriminatory (most-favored nation) treatment.

Authorizes the President, if reduction of the trade deficit does not result from increased access of U.S. goods and services to Japanese markets, to take other specified actions that would increase import restrictions and nontariff trade barriers on Japanese goods and services. Authorizes the President to exempt articles from such actions.