Amends the Omnibus Trade and Competitiveness Act of 1988 to extend the authority of the President, for a specified period of time, to enter into trade agreements with foreign countries for the reduction or elimination of tariff or nontariff barriers if the Uruguay Round of multilateral trade negotiations under the General Agreement on Tariffs and Trade (GATT) has not resulted in such trade agreements by May 31, 1993. Provides that implementing bills involving tariff and nontariff trade agreements shall be effective only if, among other things, the President, at least 120 calendar days (currently, 90 days) before he enters into such agreement, notifies the Congress of his intention to enter into it, and prohibits such intention in the Federal Register. Extends congressional "fast track procedures" to such implementing bills through April 16, 1994. Requires specified advisory committee reports regarding such agreements to be provided to the President, the Congress, and the United States Trade Representative no later than 30 days after the President notifies the Congress of his intention to enter into the agreement, but before January 15, 1994.