Recently, the USA decided to support India's membership in multi-lateral export control regimes called the "Australia Group" and the "Wassenaar Arrangement". What is the difference between them? 1. The Australia Group is an informal arrangement which aims to allow exporting countries to minimize the risk of assisting chemical and biological weapons proliferation, whereas the Wassenaar Arrangement is a formal group under the OECD holding identical objectives. 2. The Australia Group comprises predominantly of Asian, African and North American countries, whereas the member countries of Wassenaar Arrangement are predominantly from the European Union and American continents. Which of the statements given above is/are correct?

1. Statement 1 is incorrect: The Australia Group is indeed an informal arrangement focused on harmonizing export controls to minimize the risk of chemical and biological weapons proliferation. However, the Wassenaar Arrangement, while a multilateral export control regime dealing with conventional arms and dual-use goods/technologies, is not a formal group under the OECD, nor does it have identical objectives (as it includes conventional arms). 2. Statement 2 is incorrect: The Australia Group's membership includes many countries from Europe, the Americas, and Asia-Pacific (including Australia, Japan, South Korea), not predominantly Asian, African and North American countries. Similarly, while the Wassenaar Arrangement has strong representation from the European Union and American continents, it also includes other major countries like Russia, Japan, South Korea, and Australia, making the term "predominantly" potentially misleading and the overall comparison inaccurate due to the flawed description of the Australia Group. Therefore, neither statement 1 nor 2 is correct.