With reference to the Simla Agreement (1972) between India and Pakistan, consider the following statements:

I. The Simla Agreement was signed on 2 July 1972 between Prime Minister Indira Gandhi and President Zulfikar Ali Bhutto, primarily to establish the framework for relations between India and Pakistan following the 1971 war and to address the issue of prisoners of war.

II. The Simla Agreement established the Line of Control (LoC) in Jammu & Kashmir and committed both sides to resolving all disputes bilaterally, thus explicitly ruling out any third-party mediation including by the United Nations.

Which of the statements given above is/are correct?