KINGSTOWN, St. Vincent (AP) - In a firm stance, the small South American nation of Guyana declared on Thursday that it will not back down in its territorial dispute with its larger neighbor, Venezuela, over the oil- and mineral-rich Essequibo region.

The Guyanese government issued a statement asserting that the control of Essequibo, situated along Venezuela's border, is "not up for discussion, negotiation, or deliberation." This statement was released just before Guyanese President Irfaan Ali and Venezuelan President Nicolás Maduro met on the eastern Caribbean island of St. Vincent. As they greeted each other with a handshake, leaders from other nations in attendance applauded.

President Maduro expressed his hopes for peaceful outcomes as he stressed the importance of maintaining harmony in the region. He stated, "we will make the most of it so that our Latin America and the Caribbean remains a zone of peace."

Meanwhile, the Biden administration is keeping a close watch on the escalating tensions between Venezuela and Guyana surrounding the dispute over Essequibo. John Kirby, a spokesperson for the White House National Security Council, confirmed on Thursday that officials from the Biden administration are closely monitoring the situation.

The longstanding dispute over Essequibo has been a major point of contention between the two neighboring nations for years. The area is known for its significant deposits of oil and minerals, adding to its strategic value.

Both Guyana and Venezuela have asserted their claims over the territory, leading to diplomatic disputes and tensions. Despite international efforts to mediate, including a previous ruling by the International Court of Justice in favor of Guyana's sovereignty, the dispute remains unresolved.

As Guyana refuses to yield in the face of Venezuelan pressure, the outcome of the latest meeting between President Ali and President Maduro remains uncertain. The international community continues to observe the situation closely, hoping for a peaceful resolution to the territorial dispute.