Chamber of Commerce
Reviewed by Aug 27, 2020| Updated on
What is a Chamber of Commerce?
A chamber of commerce refers to an organisation or a network comprising businesses. It is established to promote and protect the interests of its member firms.
A chamber of commerce, often referred to as a "trade board," is sometimes composed of a group of business owners who share a locale or interests, but may also be of international reach. They will pick leadership, nominate delegates, and negotiate policies that need endorsement.
There are chambers of commerce all over the world. They may not have a direct role in establishing laws or regulations. Still, with their coordinated lobbying activities, they can be successful in influencing regulators and legislators.
In 1599, the first chamber of commerce was founded in France. In 1768, the United States started its first chamber of commerce in New York. Instituted in 1912, the United States Chamber of Commerce promotes pro-business issues through national lobbying efforts.
Chambers at the federal, national, regional, and local levels concentrate on topics and activism that are important to their membership.
Introduction to the Indian Chamber of Commerce
The Indian Chamber of Commerce (ICC), established in 1925, is the leading and only National Chamber of Commerce headquartered in Kolkata. It is one of the country's most progressive and forward-looking chambers. Its membership stretches to some of India's most influential and powerful industrial classes.
The strength of the ICC is its ability to predict potential needs, respond to challenges and prepare the economic stakeholders to take advantage of those changes and opportunities.
The Indian Chamber of Commerce, set up by a group of visionary industrialists headed by Mr G D Birla, was closely aligned with the Indian Freedom Movement as the first unified Indian Industry voice. Several of India's renowned industry leaders, such as Mr B M Birla, Sir Ardeshir Dalal, Sir Badridas Goenka, Mr S P Jain, Lala Karam Chand Thapar, Mr Russi Mody, Mr Ashok Jain, Mr Sanjiv Goenka, led the ICC as its President.
ICC is the only Indian chamber to win first prize in the Quebec, Canada World Chambers Competition. Over the past few years, the North-East Project of the ICC has gained new momentum and dynamism.
The chamber has been immensely successful in raising awareness of North-East's great economic potential at national and international level.
ICC's Focus Area of Operations
The following are the Indian Chamber of Commerce's area of operations:
- Policy Advocacy
- Business Information Service
- ICC EXIM Initiative
- ICC Agri-Business Initiative
- ICC Council of Arbitration
- ICC Young Leaders Forum
- The ICC North East Initiative
- ICC Convention Facilities
- ICC Kolkata Foundation
- Global MSME Forum