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 aim 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?