The U.S. House of Representatives says the bilateral trade pact between Korea and the EU would reduce America's exports to Korea by 8 percent, which is expected to create a US$1.1 billion loss to the U.S. economy, according to the Korea International Trade Association.

Republican Kevin Brady reportedly said two weeks ago that if the EU and Canada finalize free trade deals with Korea or Colombia it would originate huge losses, not only to American workers but also exporters.

Republicans of the Committee on Ways and Means criticized the Democrats for hindering and delaying the ratification of bilateral trade pacts.

The U.S. has concluded free trade talks with Korea, Colombia and Panama, with all three of them awaiting ratification. The committee says that while the Korea-EU FTA would bring a loss of over $1 billion to the U.S., losses from the EU-Colombia and the Canada-Colombia FTA would be $400 million and $60 million.

Once the Korea-EU free trade pact takes effect exports of U.S. machinery and equipment to Korea will be hit the hardest declining by around 7 percent, or nearly $450 million. Exports of chemical, rubber and plastic products are expected to decrease by 5 percent, or around $270 million, and exports of food products from the U.S. to Korea are forecast to drop by 31 percent, or $220 million.