There shall be a commission on interstate cooperation whose duties and functions shall be as follows:

(1)  To assist and promote foreign and domestic commerce in this state and to cooperate with commissions or officials in other states in any movement to develop or increase such commerce;

(2)  To arrange and participate in conference with officials of other states and of other units of government and to formulate proposals for cooperation between this state and other states;

(3)  To carry forward the participation of this state as a member of the council of state governments;

(4)  To carry on negotiations with the purpose of adopting interstate compacts with other states on matters relating to labor and industry or to other subjects;

(5)  To exercise such powers and duties in connection with the foregoing as may be set forth by the governor or by action of the general assembly;

(6)  To promulgate an agenda on legislative matters;

(7)  To establish on an annual basis a priority for projects which would be of assistance to Rhode Island legislators in carrying out their legislative functions; and

(8)  To issue an annual report on their work and activities.