Chamber of Commerce
1st Year POC - Principles of Commerce Notes
Introduction
Chamber of commerce and industry is a voluntary non-trading
association of persons who are directly or indirectly connected with
commerce and industry. Its purpose is to promote trade and business and
protect the business interest of its members. Thus, only the
businessmen, industrialists, bankers and professional men like
accountants, auditors are entitled to be members of the Chamber of
Commerce. The Chamber of Commerce is organized on regional basis. The
businessmen of a particular area form such organization e.g. Karachi
Chamber of Commerce, Lahore Chamber of Commerce, Peshawar Chamber of
Commerce.
Chamber of Commerce may be formed under Companies Ordinance as a Joint
Stock Company or under Trade Union Act. Usually, the liability of the
members is limited by guarantee. The members pay an annual fee to the
Chamber of Commerce. Generally Chamber of Commerce and Industry is
governed by a board of directors and a president. The board appoints a
secretary who is responsible for discharging all the work of the
organization. He formulates the program, holds the meeting and manages
the office.
Functions of Chamber of Commerce
1. It helps to develop trade and industry of a country and looks after and protects their interest.
2. It collects all sorts of information concerning commerce and
industry and maintains numerous records which are necessary in
connection therein.
3. It issues reports and Journals at regular intervals full of
information regarding commerce and industry for its own members as well
as for the general public.
4. Advisory services on labour practices and disputes are provided.
5. It helps the members in recovering debts.
6. It provides trade reference information about financial status of its members.
7. It protects trademarks and patterns and thereby encourages the cause of national commerce and industry.
8. It acts as arbitrator in case there is any dispute between businessmen.
9. It helps the exporters and importers by furnishing information of various natures in connection with import and export.
10. It issues export certificate and certificates of origin which are very common instruments in international commerce.
11. It advances commercial and technical education in the country.
12. Nowadays, an active part is played by the Chamber in influencing
economic policy of the government. It examines the budget every year
and suggests appropriated modification in the tax proposals.
13. It invites the attention of the government and public on matters affecting trade, commerce and industry of the country
