What could cause a lack of arp replies?

For some reason, a new link we're trying to bring up is not working. When I do a tcpdump on the interface, I see that both our local device, and our distant end router are sending out arp requests trying to find eachother. But neither are replying. What could cause that?

I was thinking since I at least see the distant end request, layers 1 thru 2 has to be good. Why won't either side reply though?

Any advice? Thanks!