External relations of Guernsey both islands retain their independence with regards to domestic affairs but internationally, the islands would be regarded as one state. A Guernsey-Jersey double taxation agreement was first signed in 1956. In 1998 Guernsey and Jersey electricity companies formed the Channel Islands Electricity Grid to operate and manage the submarine cables between Europe and the Channel Islands. Guernsey has formed part of the British–Irish Council since it was formed in 1999, as does Jersey. Meetings take place twice a year, in 2004, 2010 and 2014 the meetings have taken place in Guernsey. Its stated aim is to "promote the harmonious and
External relations of Guernsey more integrated relationship with the Commonwealth of Nations, including more direct representation and enhanced participation in Commonwealth organisations and meetings, including Commonwealth Heads of Government Meetings, however with no right to vote in the Ministerial or Heads of Government meetings. Both Alderney and Guernsey are members of the Commonwealth Parliamentary Association. The Bailiwick of Guernsey which includes Alderney, Sark, Herm and the other smaller islands is a member of the Commonwealth Games Federation and has attended every games event since the inauguration in 1970. In 2011 Guernsey, which had previously been unrated, was awarded a AAA credit rating by Standard