Security and Fair Enforcement in Arms Trafficking Act of 2001

Security and Fair Enforcement in Arms Trafficking Act of 2001 - Declares U.S. policy with respect to adherence by the United States to certain standards in the transfer of small arms and light weapons.

Expresses the sense of Congress that the President should: (1) enter into negotiations with foreign parties beginning with the European Union (EU) and the North Atlantic Treaty Organization (NATO) member states for an international agreement not to export to commercial end-users semiautomatic assault weapons, or related equipment, the manufacture, transfer, or possession of which is unlawful under U.S. law; (2) enter into negotiations at the United Nations (UN) level to improve the enforcement of UN arms embargoes as they relate to such arms and weapons; and (3) enter into negotiations for a comprehensive international agreement with foreign parties beginning with the EU that calls for marking and tracing of small arms and light weapons, regulating of arms brokers activities, and prohibiting the transfer of such weapons to recipients engaged in gross violations of human rights.

Amends the Arms Export Control Act to require the President to notify Congress before issuing a license for the export of a defense article that is a firearm controlled under category I of the U.S. Munitions List and valued at $1 million or more (including any lethal defense article or defense service of $1 million or less that is exported to country where there is a risk such items may be used in an act of international aggression).

Urges countries to sign and ratify certain international agreements on the control of firearms.