Flaherty Says Keystone Delay Means Canada Must Expand Asia Trade

Nov. 13 (Bloomberg) -- Canada must expand trade with Asia after the U.S. government decided to delay its review of TransCanada Corp.’s $7 billion Keystone XL pipeline, Canadian Finance Minister Jim Flaherty told CTV Television.

“We’ve got to go where the trade is,” Flaherty said from the Asia-Pacific Economic Cooperation forum in Honolulu. “The sooner we can increasingly access markets in Asia, the better.”

The U.S. State Department’s decision to delay the project until after next year’s presidential election is “disappointing,” because it offered “thousands and thousands of high paying jobs, largely unionized jobs in the U.S,” Flaherty said.

Canada must “emphasize” its relationships with Asia-Pacific countries, “particularly through our west coast, through our ports in British Columbia, which we’re expanding,” the finance minister said.

To contact the reporter on this story: Chris Fournier in Halifax, Nova Scotia at Cfournier3@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net