(a) What is a Chamber of Commerce?
(b) State six functions of a Chamber of Commerce.
(c) State three functions of the manufacturing association.
Explanation
(a) A Chamber of Commerce is a voluntary association of business executives, tradesmen, entrepreneurs and others in a city, town or country, particularly in the states from which it draws its members.
(b) The functions of a chamber of commerce are:
(i) It promotes trade and industry in the country.
(ii) It evaluates customs duties and regulations and the documents the importing country requires.
(iii) It acts as an agent for the collection of debts in foreign countries or as a pressure group.
(iv) It assists with the translation of letters and documents.
(v) It maintains museums where samples of products produced in the country or the states are inspected.
(vi) It provides information on regulations about travel and samples.
(vii) It observes the administration of acts of parliament and regulations about industry and trade to prevent injury to trade.
(viii) It disseminates information on taxes on goods and profit.
(ix) It provides education and training for industry and commerce.
(x) It settles disputes among members.
(c) The functions of manufacturing association are:
(i) It provides for manufacturers the means of formulating and influencing policies on industrial matters, i.e. it acts as a pressure group.
(ii) It encourages manufacturers to contribute towards the management of the national economy by being represented in all organisations whose work affects the interest of manufacturers.
(iii) It encourages a high standard of quality of members’ products by collecting and circulating useful information to members.
(iv) It advises on the use of products and the safety and precaution of using them.
(v) It establishes effective communication channels with other similar bodies to attain the objectives of the association on matters of common interests.
(vi) It finances research into the development of raw materials and production techniques.
(vii) It settles disputes among its members.
Explanation video
