61-3-717. Declarations of extent of reciprocity. In the absence of an agreement or arrangement with another jurisdiction, the department may examine the laws and requirements of the jurisdiction and declare the extent and nature of exemptions, benefits, and privileges to be extended to motor vehicles, trailers, semitrailers, or pole trailers properly registered or licensed in the other jurisdiction or to the owners of the motor vehicles, trailers, semitrailers, or pole trailers that are in the judgment of the department in the best interests and fair and equitable to this state and its citizens determined on the basis and recognition of the benefits that accrue to the economy of this state from the uninterrupted flow of commerce.