In response to mounting pressure, the government of Guyana has agreed to engage in bilateral talks with Venezuela regarding a longstanding territorial dispute. This decision comes as tensions continue to rise over the recent discovery of significant oil reserves in Guyana, which has sparked Venezuela's claim of sovereignty over the Essequibo territory.

President Irfaan Ali announced on Sunday that Guyana will convene for discussions on Thursday in St. Vincent, a location chosen to facilitate dialogue between the two nations. However, the road to a resolution is expected to be fraught with challenges given the heightened tensions on both sides.

Ali reinforced Guyana's steadfast position, declaring that the country's stance on the border controversy is non-negotiable. The dispute revolves around the boundary established by an international commission in 1899, with Guyana insisting its legality and binding nature. On the other hand, Venezuela contends that the boundary was a conspiracy to steal its land, claiming collusion by arbitrating nations such as Britain, Russia, and the United States.

While Venezuela expressed a willingness to engage in talks to preserve peace in the region, it had been pushing for direct bilateral negotiations based on an old agreement. In contrast, Guyana maintains that the case should be resolved by the United Nations' International Court of Justice (ICJ).

Ali asserted that the matter should be settled by the ICJ, emphasizing that there can be no compromise on Guyana's border. The President appealed for reason and a commitment to peace amidst ongoing threats of disruption.

The upcoming meeting, chaired by St. Vincent's Prime Minister Ralph Gonsalves, will serve as a platform for dialogue between Guyana and Venezuela. Brazil, which shares borders with both countries and had also placed troops on alert, will observe the discussions.

Furthermore, Ali revealed that he has agreed to hold a conversation with Nicolas Maduro, Venezuela's President, following a recent emergency meeting of Caribbean leaders. The support of Caribbean nations for Guyana was emphasized during the meeting.

In the backdrop of the territorial dispute, Venezuela's government is exploiting the situation to bolster support ahead of an upcoming presidential election. The ongoing crisis and years of economic instability have pushed many Venezuelans into poverty, making the claim over Essequibo a point of national pride.

It is worth noting that since the discovery of major oil deposits off Essequibo's coast in 2015, Guyana's economy has experienced significant growth, fueled by the oil industry. Conversely, Venezuela's oil sector has faced severe decline due to mismanagement and economic sanctions imposed after Maduro's disputed re-election in 2018.

As Guyana and Venezuela engage in bilateral talks, the international community will closely monitor the developments in the hope of a peaceful and just resolution to the territorial dispute.