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Venezuela and Guyana have agreed not to resort to force to settle the ongoing territorial dispute over the oil-rich Essequibo region.
The two leaders issued an 11-point Declaration of Argyle, for dialogue and peace between Guyana and Venezuela after meeting in St. Vincent and The Grenadines.
It will chart a path towards a peaceful resolution of the dispute.
The talks were brokered by CARICOM, the Community of Latin American and Caribbean States, CELAC and Brazil.
Barbados Prime Minister Mia Amor Mottley was among several regional leaders in Kingstown for the talks.
Tension has been rising after Venezuela held a referendum earlier this month that saw Venezuela declaring the annexation of Essequibo.
According to Prime Minister of St. Vincent and The Grenadines, Dr. Ralph Gonsalves all parties have reiterated their commitment to the Caribbean remaining a zone of peace.
A joint commission of foreign ministers and technical officials of the two states will also be established.
