The U.S. Congress is set to launch efforts for the ratification of the South Korea-U.S. free trade agreement (FTA) on Thursday.

Senate Finance Committee Chairman Max Baucus said his committee will hold a "mock" markup on Thursday to discuss bills seeking the ratification of FTAs with South Korea, Panama and Colombia.

Ranking Committee member Senator Orrin Hatch added that a final vote on the pending trade pacts is expected to come before Congress goes into recess in August.

The senator’s remarks come after the White House announced that President Barack Obama reached a deal with congressional Republicans on the terms of the Trade Adjustment Assistance (TAA) program, which aims to support Americans affected by the trade pacts.

White House Press Secretary Jay Carney said in a statement on Tuesday that an agreement has been reached on the underlying terms for a meaningful renewal of a strengthened TAA. Carney then added that now it is time to move forward with TAA and with the South Korea, Colombia, and Panama trade agreements.