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 obejctives.
2. The 'Australia Group' comprises predominantly of Asian, African and North American Countries whereas the member countries of 'Wassenaar Arrangement' a pre-dominantly from the European Union and American continents.
Which of the statements given above is/are correct?
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