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Consider the following statements :
Statement-I: Israel has established diplomatic relations with some Arab States.
Statement-II: The ‘Arab Peace Initiative’ mediated by Saudi Arabia was signed by Israel and Arab League.
Which one of the following is correct in respect of the above statements?

Miscellaneous 2023

Options

Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I

Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I

Statement-I is correct but Statement-II is incorrect

Statement-I is incorrect but statement-II is correct