South Korean/US FTA

The Bush administration, under the "fast track" authority to negotiate free trade agreements, completed a free trade agreement with South Korea on April 1st (NYT reports here). I was worried that the deal would not be completed fast enough to give congress the 90 days it needs to review the agreements and then vote without amendments on them. I get the impression that the agreement was rushed, and that it is not a terrific deal. I am somewhat worried about the relaxation of taxes on engine size which S. Korea has had to make, which seem environmental. Barriers to American agricultural products are also to be removed, which, because of American agriculture subsidies, will end up being bad for American taxpayers. The NYT article claims that 90% of all tariffs will be removed so I think this will still be a huge boon to both countries, even if there are substantial growing pains and some negative effects, I am still hopeful that congress will pass the agreement.

The Economist gives a little bit of background on the politics of the fast track authority here. The Wikipedia entry is also interesting.

I am continually annoyed at the power special interest groups have to establish protectionist policies and subsidies and to otherwise extract rent, but it seems almost inevitable that such power and influence will exist. I don't see any institutional fixes. Any ideas?