Consider the following statements:

1. India is a member of the International Grains Council.

2. A country needs to be a member of the International Grains Council for exporting or importing rice and wheat.

Which of the statements given above is/are correct?

Statement 2: Incorrect Membership in the IGC is not a mandatory requirement for a country to export or import rice and wheat. International trade is governed by bilateral agreements between nations and the rules of the World Trade Organization (WTO).The IGC serves as a forum for information sharing, market transparency, and policy discussion. It does not act as a "licensing body" that grants or denies the right to trade. Many non-member countries regularly engage in the global grain market .Understanding the IGC Scope The IGC monitors more than just wheat and rice. Its mandate covers a wide array of commodities to ensure global food security and market stability. Commodity Category Examples Grains Wheat, Maize (Corn), Barley, Sorghum, Oats, Rye. Rice All types of rice. Oilseeds Soybeans, Rapeseed, Sunflower seed. Pulses Lentils, Peas, Chickpeas, Beans (monitored but not under GTC).The IGC is particularly known for its Grain Market Report (GMR), which provides comprehensive supply and demand fundamentals that help countries make informed trading decisions.