(a) Explain each of the following:
(i) Chamber of Commerce
(ii) Trade Association.
(b) Give any four functions each of a Chamber of Commerce and a Trade Association.
Explanation
(a)(i) A Chamber of Commerce; is a voluntary association of business executives, tradesmen. entrepreneurs and others in a city who agreed to come together in order to protect and further their business interest.
(ii) A trade association; is an association of individuals, firms or companies engaged in a similar line of trade or providing similar services for the purpose of protecting their common interests.
(b) Functions of Chamber of Commerce are:
(i) They promote both home and foreign trades.
(ii) They collect and disseminate information that is of interest to members.
(iii) They watch the administration of Acts of parliament to prevent injury to Commerce and Industry.
(iv) They evaluate customs regulations and tariffs of foreign countries in the light of national interest.
(v) They arbitrate in the statement of disputes among members and render technical and legal advice when necessary.
Functions of Trade Association are:
(i) They promote trade in the particular line.
(ii) Disseminate technical information to members on the latest methods of production and usage of new products, thereby helping the manufacturers.
(iii) Undertake research work which may be beyond the ability of individual members.
(iv) Foster co-operation among members and make arrangements for the settlement of disputes among members.
(v) Establish a link with the government and make inputs to give feedback on government policies affecting them.