A bill to provide for multilateral limitations on arms sales, and for other purposes.

Expresses the sense of the Congress that the President should undertake negotiations with governments of key arms suppliers to establish a consultative commission to be known as the Consultative Commission for Multilateral Arms Restraint. Declares that the Consultative Commission should meet periodically to: (1) negotiate restrictions on sophisticated combat weaponry and the technology of conventional arms production; (2) establish guidelines to regulate the effects of multilateral limitations on arms sales on the national economies of its member countries; and (3) address other areas pertinent to limiting the sale or transfer of arms.

Amends the Arms Export Control Act to add new information to be included in the annual report to the Congress on arms sales.