Protests at meat processing plants will be suspended pending talks, the Minister for Agriculture, Food and the Marine Michael Creed has said.
Threatened legal proceedings by the industry against protesters will also be suspended.
Beef farmers have been picketing outside meat factories for the past 12 days over the prices they are getting for their animals.
Earlier today, protesting Irish beef farmers had been urged by the Minister for Agriculture to lift their pickets at meat processing plants in order to allow settlement talks take place.
The Beef Plan Movement, which is behind the protests have said the prices farmers are offered do not reflect the their place on the production line.
Beef Plan movement co-chair Eamon Corley said protestors have been issued with solicitors letters at five processing plants. These plants are Dawn Meats; Kepak; Liffey Meats; ABP; and Slaney Meats.
Mr Creed said on Friday night both sides have accepted “compromise proposals” aimed at breaking the dispute between the two sides.
A Department of Agriculture spokesman said all protests at meat processing plants and legal proceedings are to be suspended with immediate effect until the agreed talks have concluded.
“A meeting will be held on Monday August 12th involving both MII and the Beef Plan Movement and also including representatives from the farm organisations, the Department and its agencies.”
An independent chair will be appointed for the talks, and will preside over an “agreed agenda”.
Meat Industry Ireland welcomed the development in a statement on Friday night.
“These protests had brought beef processing to a virtual standstill in the country, causing significant disruption in the beef trade and also led to temporary staff layoffs.”
“Real damage has been done to domestic and export business as a result of these protests and it is high time for the sector to get back to business. Processing needs to take place if we are to avoid losing more customers for Irish beef and lamb.”
In a WhatsApp message sent to members of the Beef Plan movement on Friday evening, they were told an agreement had been reached with Minister Creed “following what we and others consider to be heavy handed tactics by Meat Industry Ireland through the introduction of legal proceedings that could ultimately end in the High Court.”
“The introduction of these legal proceedings has forced us into a position where we have no option but to agree to suspend our protests with immediate effect until talks conclude,” the message said.
“If we are not satisfied that sufficient progress is being made, we will leave the talks and resume our protests with immediate effect on Monday night.”
The message from Beef Plan leaders said “all beef industry stakeholders” have been invited to Monday’s meeting.