The Bretton Woods Conference, held in New Hampshire in 1944, also established a direct link between the value of gold and the U.S. dollar, establishing it as the world`s reserve currency. In November 1997, the Council of Australian Governments (COAG) agreed on the principle of the Agreement on Commonwealth/State Roles and Responsibilities in Environmental Matters. All heads of government and the Australian Local Government Association then signed the agreement. Commonwealth trade as such has not been a significant political position in Canada since the failure of the Diefenbaker proposal of the 1950s. Instead, Canada pursued deep economic integration with the United States (including a 1988 free trade agreement) and, on the other hand, general trade diversification, including the 1970 “third option” policy (an abortive attempt to diversify Canada`s trade through negotiations with Japan and the European Economic Community). This has been reinforced by a new wave of free trade agreements after NAFTA in 1994, including five Latin American countries, the European Free Trade Association and, more recently, the European Union, as well as the failure of the US Free Trade Area in the early 2000s and negotiations on the Trans-Pacific Partnership since 2012. An agreement on the establishment of a national system of regulation and investigation of railway safety comprising a single regulation and a single national railway safety regulatory authority, complemented by a national railway safety supervisor. The Commonwealth has an interest in resolving environmental disputes if States fail to reach an agreement and the proposal is transmitted by mutual agreement to the Commonwealth. . . .