New Delhi, Dec 12 : The Ministry of External Affairs (MEA) on Tuesday said that it is closely following the developments related to the Guyana-Venezuela border issue and it believes that the matter should be resolved peacefully while avoiding escalatory steps. In a statement, the Ministry said: "We are closely following the developments pertaining to Guyana-Venezuela border issue. We are aware that the matter is already being considered by the International Court of Justice. "We believe the issue should be resolved peacefully and escalatory steps avoided. We welcome the recent regional diplomatic initiatives on the issue." According to reports, Venezuela's President Nicolas Maduro will meet his counterpart from Guyana Mohamed Irfaan Ali on Thursday amid a territorial dispute between the two countries, according to a letter from the prime minister of Saint Vincent and the Grenadines. /IANS