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 that 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.