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State five functions of a chamber of commerce

(a) State five functions of a chamber of commerce.

(b) Explain five functions of a trade association.

Explanation

(a) Five functions of Chambers of Commerce:

What are the functions of the Chamber of Commerce?

Learn about the primary functions of a chamber of commerce and how they help stimulate business growth, create networking opportunities, and support local communities.

(i) They assist the development of commerce, trade, and industry.

(ii) They provide support or oppose legislation that they feel will affect their members.

(iii) They provide information to members on their line of business.

(iv) They organize trade fairs, exhibitions, etc., to enhance commercial activities.

(v) They settle disputes among members.

(vi) They provide members with necessary information on legal, customs, and other technical requirements of foreign countries.

(vii) They organize seminars by educating members on new techniques and technology.

(b) Five functions of the Trade Association:

(i) They disseminate information to members.

(ii) They fix prices for their services or products.

(iii) They put political pressure on the government for the interest of their members.

(iv) They settle disputes among members.

(v) They provide credit facilities and assistance to members.

(vi) They negotiate with other trade associations on a collective basis.

(vii) They educate members on trade activities etc.

(viii) They draw up standards for the practice of their trade.

(ix) They carry out research and publish the report for members’ use.

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