“Trade association and chambers serve as friends, philosophers and guides to the business community”

“Trade association and chambers serve as friends, philosophers and guides to the business community”

Trade association is a voluntary association of traders, merchants and industries, which is established by the members of the business units of a particular trade and industry. Trade association is formed on local or territorial basis. Trade association is formed for the achievements of common purpose or objective.

“A trade association is a group of people in the same industry who come together to achieve common goals and promote their common interests”

Main Points

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• A voluntary association
• Established by the people in the same industry
• Achievement of common goals   

[Characteristics]

1. Trade association is a relationship for the mutual business interests.
2. It includes the business institutions working in the same field.
3. Its participants are individually called member and collectively called association.
4. It can be registered from government for the protection of tis rights
5. Members of trade association have the option to pay membership fee monthly, semi annually, annually or in lump sum.
6. For the conduct of its affairs, members form management, which works with sincerity for the supervision of mutual interests of members.
7. Meetings are held from time to time for the analysis of its performance.
8. Membership can be cancelled if rules and regulations of the association are not being followed.