Talks were being held over two Orange marches
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The Parades Commission has welcomed the agreement in Londonderry which means Orangemen will be able to march on the nationalist west bank.
The Chamber of Commerce said a deal over the Twelfth of July parade had the support of both the Orange Order and the Bogside Residents' Group.
A commission spokesperson said a constructive approach meant an deal had been reached without their involvement.
They said all groups associated with parades should learn from this example.
The agreement was brokered at meetings involving the two groups and business, community and church representatives.
Residents and the Order did not engage in face-to-face dialogue.
However, the residents' concerns were addressed by the Orangemen.
More than 3,000 Protestant Orangemen, many from outside the city, are expected to take part in the Twelfth parade, the culmination of the marching season.
It will be the first time Order members from outside the city have walked the route in 13 years.
'Historic deal'
The chamber said it has now ensured that celebrations by all Loyal Orders could take place in Derry in "an atmosphere of tolerance and understanding".
It said this agreement over marches sent positive messages to the world at large about life in and the development of the city.
The chamber described the deal as "historic" and urged others to follow this lead and remove what it called "the annual ritual of parades conflict" from life.
Garvan O'Doherty from the chamber said the city will benefit from a peaceful marching season.
"The chamber has developed, in our view, unique processes," he said.
"Lots of people played very important roles through the many years it has taken to reach this stage."
There will be slight modifications to the parade, due to take place in a fortnight's time.
The City of Londonderry Grand Orange Lodge said they have been working hard for several years to ensure a peaceful and harmonious Twelfth.
They said they were "looking forward to a dignified parade in a city rich with culture and diversity".
Northern Ireland Secretary Peter Hain welcomed the news and praised the efforts of all those who had worked to bring about the agreement.
He said there was a considerable debt of gratitude owed, not just in Londonderry but in the wider community, to all those who had worked towards finding a settlement.