With reference to the Free Trade Agreement (FTA), consider the following statements:
1. FTA is an agreement between the countries or regional blocks to reduce or eliminate trade barriers, though mutual negotiations with a view to enhancing trade.
2. The Free Trade Agreement (FTA) between India and Sri Lanka was the first-ever bilateral trade agreement for both countries, signed in 1998 and enforced in 2000.
Which of the statements given above is/are correct?