This bill addresses trade between the United States and covered countries. Under this bill, a covered country is any country excluding Belarus, Cuba, and North Korea.

Specifically, the bill authorizes the President to determine that Section 402 of the Trade Act of 1974 (commonly known as the Jackson-Vanik amendment) does not apply to a covered country. The Jackson-Vanik amendment denies normal trade relations (NTR) status to some current and former nonmarket economy countries unless they comply with certain freedom-of-emigration requirements. Under a provision of this amendment, the President may extend NTR status to a country affected by the amendment by waiving the freedom-of-emigration requirements or determining that the country is not in violation of those requirements, subject to an annual review.

Additionally, the bill authorizes the President to extend permanent NTR status to a covered country.