A deal has been reached on a CAP reform that has been hailed as the “most ambitious" in almost 30 years.
Negotiators had been deadlocked for several months, but a breakthrough in the early hours of Friday morning 25 June made the prospect of a deal an inevitability rather than a possibility.
Political agreement between the European Parliament and European Council paves the way for an overhaul of the EU’s farm subsidy system from 2023.
Farmers will see a substantial portion of their direct payments tied to climate and environmental measures in the form of eco schemes, while the convergence of payments will also continue.
Speaking on Friday afternoon, the Parliament’s chief negotiator Norbert Lins said after three years and hundreds of meetings, an ambitious agreement was now in place.
“This is the most ambitious reform since the McSharry reform of 1992.
"The new CAP is in line with the green deal and brings income and food security, environmental protection and a new social dimension, and it brings all these things together and makes the CAP future-proof,” Lins said.
Negotiations were not always easy, Lins said, but he was satisfied with the compromise.
He identified measures for the redistribution of farm payments and the budget for eco schemes among the main achievements.
European Commissioner for Agriculture Janusz Wojciechowski hailed the agreement as delivering one of the most ambitious CAP reforms in history.
“On some points we may have wished for a different outcome, but, overall, I think we can be content with the agreement we have achieved,” the Commissioner said.
Portuguese minister for agriculture and president of the Council Maria do Céu Antunes cautioned that a deal was not yet fully finalised.
“We are very pleased with the progress we've made in the last two days, which gives us confidence that we have the conditions in place to reach an agreement,” she said.
“However, the proposals must be approved by the member states and only then we can truly say whether we've reached a deal or not,” she said.
Ministers will gather in Luxembourg on 28 and 29 June to debate and potentially approve the deal.
The full European Parliament will also have to vote through the proposals.