Directs the President to seek in multilateral trade negotiations: (1) the adoption of international trade standards that will promote the use of environmentally sound production and manufacturing processes; and (2) the development and adoption of incentives and disincentives to implement such standards. Prohibits the President from entering into any trade agreement negotiations unless the President first reports to the Congress on the actions that will be taken to promote such standards. Prohibits any trade agreement from taking effect unless the President consults with specified congressional committees regularly regarding the progress being made toward adoption of such standards. Requires the President to report periodically to the Congress on those foreign countries and instrumentalities which either refuse to negotiate, or to negotiate in good faith, regarding the adoption of such standards. Directs the President to establish an Interagency Advisory Committee on International Environmental Protection.