U.S. Treasury Secretary Timothy Geithner says free trade agreements with South Korea, Panama and Colombia are necessary and need to be passed soon.

Geithner said in an interview with U.S. news outlet CNBC on Wednesday that if the U.S. doesn’t approve the trade agreements, other countries will move in and take away market shares from U.S. companies.

He went on to say that a bipartisan strategy is in place to pass the three trade pacts, adding the approval of the FTAs would increase opportunities for U.S. companies.