61-3-714. Authority for reciprocity agreements, provisions, reciprocity standards. The department of transportation may enter into an agreement or arrangement with the duly authorized representatives of other jurisdictions, granting to motor vehicles, trailers, semitrailers, or pole trailers or to owners of motor vehicles, trailers, semitrailers, or pole trailers that are properly registered or licensed in those jurisdictions and for which evidence of compliance is supplied, benefits, privileges, and exemptions from payment, wholly or partially, of any taxes, fees, or other charges imposed upon those motor vehicles, trailers, semitrailers, or pole trailers or owners with respect to the operation or ownership of the motor vehicles, trailers, semitrailers, or pole trailers under the laws of this state. The agreement or arrangement must provide that vehicles properly registered or licensed in this state, when operated upon highways of those other jurisdictions, must receive exemptions, benefits, and privileges of a similar kind or to a similar degree as are extended to motor vehicles, trailers, semitrailers, or pole trailers properly registered or licensed in the jurisdiction when operated in this state. The agreement or arrangement must, in the judgment of the department, be 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.