Chamber Of Commerce | Examples, Aims And Functions

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Hello you are welcome to this blog post on chamber of Commerce. In this blog you’ll be learning the meaning, types or examples, aims and functions of chambers of Commerce.

MEANING OF CHAMBER OF COMMERCE

Chamber of commerce is an Association of merchants, manufacturers and business men from different commercial fields or various line of businesses who agree to come together in a town or city with the aim of representing and protecting their business interest. This is not restricted to a particular trade. The members come together to have trade connections as well as to further their business.

EXAMPLES OF CHAMBER OF COMMERCE

There are national and international Chambers of Commerce such as:

  1. London Chambers of Commerce
  2. International Chambers of Commerce
  3. Lagos Chambers of Commerce
  4. Ijebu Chambers of Commerce
  5. Ibadan Chambers of Commerce
  6. Oyo Chambers of Commerce
  7. Nigerian – American Chambers of Commerce
  8. Owerri Chambers of Commerce

AIMS AND OBJECTIVES OF CHAMBER OF COMMERCE

  1. A chamber of commerce is set up to promote commercial activities in a community, country or town.
  2. To liaise with other Chambers of Commerce in relation to their business interest.
  3. To influence the policy of the government relating to commercial activities in an area.
  4. To further business interest of the area

FUNCTIONS OF CHAMBER OF COMMERCE

Below are the functions of chamber of Commerce: these include:

  1. To organize trade fair and exhibitions: one of the functions of the Chambers of Commerce is to organize trade fair in order to promote their businesses to the customers.
  2. To promote home and foreign trade: Another functions of chambers of Commerce is that they develop trade with other towns inside the country or other towns within its territory.
  3. To co-operate with other Chambers of Commerce.
  4. To collect and disseminate information to members: They supply all relevant information to members in their areas of interest as well as the latest development in the world of Commerce.
  5. Settlement of dispute among members: They can act as arbitrators in the settlement of dispute among its members.
  6. They act as watchdogs in the administration of government
  7. To educate members on government legislations: Chambers of Commerce do educate their members on government policies on matters relating to customs regulations and tariff of other countries.
  8. To educate members on conditions of trade and Industry: Chambers of Commerce can educate members on the conditions of trade and Industry in a country.

Differences between Chamber of Commerce and Trade Association

  • In Chambers of commerce it is not restricted to a particular business or trade – In trade Association it is restricted to members who are engaged in the same line of business or trade
  • In Chambers of Commerce they have national and international outlook – In trade Association they are regionally based.
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