SECTION 1. FINDINGS.

    The Congress finds that--
            (1) Ukraine has adopted administrative procedures that 
        accord its citizens the right to emigrate, travel freely, and 
        to return to their country without restriction, and has been 
        found to be in full compliance with the freedom of emigration 
        requirements under title IV of the Trade Act of 1974 since 
        1997;
            (2) since reestablishing independence in 1991, Ukraine has 
        taken important steps toward the establishment of a genuine 
        democracy, and the people of Ukraine deserve praise for 
        demonstrating a deep commitment to democracy through peaceful 
        civil action;
            (3) Ukraine has demonstrated a commitment to adopting the 
        full range of internationally recognized core labor standards 
        and to continue to improve the effective enforcement of its 
        laws reflecting such standards;
            (4) as a participating state of the Organization for 
        Security and Cooperation in Europe (OSCE), Ukraine has 
        committed to developing a system of governance in accordance 
        with the provisions of the Final Act of the Conference on 
        Security and Cooperation in Europe (also known as the 
        ``Helsinki Final Act'') and successive documents regarding 
        human rights and humanitarian affairs, including respect for 
        freedom of the media;
            (5) Ukraine has endeavored to address issues related to its 
        national and religious minorities and, as a member state of the 
        OSCE, has committed to adopting special measures for ensuring 
        that persons belonging to national minorities have full 
        equality both individually and communally;
            (6) Ukraine has enacted legislation providing protection 
        against incitement to violence against persons or groups based 
        on national, racial, ethnic, or religious discrimination, 
        including anti-Semitism, and has committed itself, including 
        through a letter to the President of the United States, to 
        ensuring freedom of religion and combating racial and ethnic 
        intolerance and hatred;
            (7) Ukraine has continued to return communal properties 
        confiscated from national and religious minorities during the 
        Soviet era, facilitating the reemergence of these communities 
        in the national life of Ukraine, and remains committed, through 
        a letter to the President of the United States, to establishing 
        the legal framework for completion of this process in the 
        future;
            (8) Ukraine has taken important steps toward the creation 
        of a free market economic system and has received normal trade 
        relations treatment since concluding a bilateral trade 
        agreement with the United States that entered into force on 
        June 23, 1992; and
            (9) Ukraine is seeking admission to the World Trade 
        Organization, which would be a welcome step, recognizing that 
        many issues remain to be resolved, including protection of 
        intellectual property rights, access for United States 
        agricultural products, tariff and excise tax reductions for 
        goods (including automobiles), access for financial services 
        providers of the United States, elimination of export 
        incentives for industrial goods, and reform of customs 
        procedures and other nontariff barriers.

SEC. 2. TERMINATION OF APPLICATION OF TITLE IV OF THE TRADE ACT OF 1974 
              TO UKRAINE.

    (a) Presidential Determination and Extension of Unconditional and 
Permanent Nondiscriminatory Treatment.--Notwithstanding any provision 
of title IV of the Trade Act of 1974 (19 U.S.C. 2431 et seq.), the 
President may--
            (1) determine that such title should no longer apply to 
        Ukraine; and
            (2) after making a determination under paragraph (1) with 
        respect to Ukraine, proclaim the extension of unconditional and 
        permanent nondiscriminatory treatment (permanent normal trade 
        relations treatment) to the products of that country.
    (b) Termination of Application of Title IV.--On and after the 
effective date of the extension under subsection (a)(2) of 
nondiscriminatory treatment to the products of Ukraine, chapter 1 of 
title IV of the Trade Act of 1974 shall cease to apply to that country.

SEC. 3. CONTINUED ENJOYMENT OF RIGHTS UNDER THE JUNE 23, 1992, 
              BILATERAL TRADE AGREEMENT.

    The Congress finds that the trade agreement between the United 
States and Ukraine that entered into force on June 23, 1992, remains in 
force between the 2 countries and provides the United States with 
important rights, including the right to use specific safeguard rules 
to respond to import surges from Ukraine, recognizing that these rights 
may terminate upon Ukraine's accession to the WTO.

SEC. 4. EXERCISE OF CONGRESSIONAL OVERSIGHT OVER WTO ACCESSION 
              NEGOTIATIONS.

    (a) Notice of Agreement on Accession to WTO by Ukraine.--Not later 
than 5 days after the date on which the United States has entered into 
a bilateral agreement with Ukraine on the terms of accession by Ukraine 
to the World Trade Organization, the President shall so notify the 
Congress, and the President shall transmit to the Congress, not later 
than 15 days after that agreement is entered into, a report that sets 
forth the provisions of that agreement.
    (b) Congressional Oversight Resolution.--
            (1) Introduction.--If a Congressional Oversight Resolution 
        is introduced in the House of Representatives or the Senate 
        during the 30-day period (excluding any day described in 
        section 154(b) of the Trade Act of 1974 (19 U.S.C. 2194(b)), 
        beginning on the date on which the President first notifies the 
        Congress under subsection (a) of the agreement referred to in 
        that subsection, that Congressional Oversight Resolution shall 
        be considered in accordance with this subsection.
            (2) Congressional oversight resolution.--In this 
        subsection, the term ``Congressional Oversight Resolution'' 
        means only a joint resolution of the two Houses of the 
        Congress, the matter after the resolving clause of which is as 
        follows: ``That it is the sense of the Congress that the 
        agreement between the United States and Ukraine on the terms of 
        accession by Ukraine to the World Trade Organization, of which 
        Congress was notified on ____, does not adequately advance the 
        interests of the United States.'', with the blank space being 
        filled with the appropriate date.
            (3) Procedures for considering resolution.--The provisions 
        of subparagraphs (B), (C), and (D)(i) and (ii) of paragraph (5) 
        of section 2103(c) of the Trade Act of 2002 shall apply to 
        Congressional Oversight Resolutions to the same extent as such 
        provisions apply to resolutions under such paragraph.
Output: Authorizes the President to extend unconditional and permanent nondiscriminatory (permanent normal trade relations) treatment to the products of the Ukraine.

Declares congressional findings that the 1992 trade agreement between the United States and Ukraine remains in force between the two countries and provides the United States with important rights, including the right to use specific safeguard rules to respond to import surges from Ukraine, recognizing that these rights may terminate upon Ukraine's accession to the World Trade Organization (WTO).

Sets forth procedures with respect to: (1) notification by the President to Congress regarding U.S. entry into a bilateral agreement with Ukraine on the terms of accession by Ukraine to the WTO; (2) a congressional oversight resolution regarding such agreement; and (3) procedures for consideration of the resolution.