The committee or its subcommittees are authorized to study and review economic development issues with special emphasis on international trade, tourism, investment, and industrial development, and to assist the legislature in developing a comprehensive and consistent economic development policy. The issues under review by the committee shall include, but not be limited to:
(1) Evaluating existing state policies, laws, and programs which promote or affect economic development with special emphasis on those concerning international trade, tourism, and investment and determine their cost-effectiveness and level of cooperation with other public and private agencies;
(2) Monitoring economic trends, and developing for review by the legislature such state responses as may be deemed effective and appropriate;
(3) Monitoring economic development policies and programs of other states and nations and evaluating their effectiveness;
(4) Determining the economic impact of international trade, tourism, and investment upon the state's economy;
(5) Assessing the need for and effect of federal, regional, and state cooperation in economic development policies and programs;
(6) Evaluating opportunities to collaborate with public and private agencies in achieving Washington state's international relations objectives;
(7) Designating official legislative trade delegations and nominating legislators for inclusion in official trade delegations organized by the office of international relations and protocol;
(8) Proposing potential sister-state relationships to be submitted to the governor for approval; and
(9) Developing and evaluating legislative proposals concerning the issues specified in this section.