The deal, which needs the approval of the European Parliament, could end haggling over annual fishing quotas and introduce long-term plans to grow fish stocks.
It will overhaul the Common Fisheries Policy, which dates from the 1970s and is widely regarded as a failure for allowing subsidised, industrial-sized fleets to devastate fish stocks.
The deal, which took 36 hours of negotiations until dawn on Wednesday (15 May), will introduce a ban on the practice of throwing undersized or unwanted fish back into the sea, often to die.
European fisheries ministers have agreed to end decades of overfishing and ban throwing unwanted fish back into the sea to restore stocks to healthy levels by 2020.
EurActiv.com with Reuters