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The West Indies Cricket Board (WICB) and the West Indies Players Association (WIPA), who have been at loggerheads over players' contracts, payments and image rights, among other matters, said in the statement that "all outstanding matters in dispute between the two bodies have been settled amicably".
"Both parties are pleased that the agreement reached creates an environment to engage in building a genuine partnership that can ensure the long term development and progress of West Indies cricket," read the statement.
Although the two bodies said that issues relating to the one-day series with India earlier this year would still be referred to arbitration, they intend to begin talks on a long term deal to cover future tours.
The long-running conflict between the players and the board escalated in July when the selected squad for the two-Test series with Bangladesh boycotted it in protest over payment and contractual matters.
A makeshift West Indies team, having lost the Test and the ODI series to Bangladesh, was then sent to the Champions Trophy in South Africa, losing both their games in the group stage.
Meanwhile, Cricket Australia welcomed a breakthrough in negotiations over a West Indies’ player dispute, opening the possibility of a full-strength team to tour Australia next month. The breakthrough in the impasse was welcomed by Cricket Australia (CA).
“We are seeking confirmation, but the early reports we are seeing reflect the encouraging private noises we have been hearing from West Indies cricket in recent weeks,” CA chief executive James Sutherland said in a statement.
Australia are scheduled to play three Tests against the West Indies in November and December, starting at the Gabba in Brisbane on November 26, as well as two Twenty20 games and five one-dayers in February. Pakistan will also play Test and one-day series and a Twenty20 match against Australia.