Arms race refers to the competition among countries to procure weapons and ammunition.
42. Consider the statements below:
1. The Australia Group is a multilateral export control regime (MECR) which controls export of conventional arms and dual-use goods and technologies.
2. The Wassenaar Arrangement is an informal group of countries to help member countries to identify those exports which need to be controlled so as not to contribute to the spread of chemical and biological weapons.
Which of the above statements is/are correct ?