Statement 1 is Incorrect: The Australia Group is an informal, multilateral export control regime aimed at preventing the proliferation of chemical and biological weapons. The Wassenaar Arrangement is also an informal regime, but its objective is to promote transparency and responsibility in the transfer of conventional arms and dual-use goods and technologies. It is not a formal group under the OECD.

Statement 2 is Incorrect: Both the Australia Group and the Wassenaar Arrangement are predominantly composed of industrialized nations from Europe and North America, along with some countries from the Asia-Pacific region. They are not predominantly composed of Asian or African countries. While South Africa is a member of the Wassenaar Arrangement (joined in 2006), it is the only African member, and the Australia Group has no African members.