(a) What is a Chamber of Commerce?
(b) State six functions of a Chamber of Commerce.
(c) State three functions -pc 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 required by the importing country.
(iii) It acts as agent for collection of debts in foreign countries or as a pressure group.
(iv) It assists with translation of letters and documents.
(v) It maintains museums where samples of products that are produced in the country or the states are kept for inspection. (vi) It provides information on regulations about travels 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 on 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 on all organisations whose work affect the interest of manufacturers.
(iii) It encourages a high standard of quality of members' products through the collection and circulation of useful information to members.
(iv) It gives advice on the use of products and on the safety and precaution on the use of the products.
(v) It establishes effective communication channels with other similar bodies in order 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.