Protecting IP Act of 2021 This bill requires the U.S. Trade Representative (USTR) to enforce the actions related to intellectual property outlined in the Economic and Trade Agreement Between the Government of the United States of America and the Government of China (dated January 15, 2020). Such enforcement shall include civil, administrative, and criminal procedures and deterrent-level civil and criminal penalties as provided in the agreement. It shall also incorporate the USTR's authority to identify and take action against countries that deny (1) protection of intellectual property rights, or (2) market access to U.S. persons that rely upon intellectual property protection.