The vote comes just weeks before Ireland assumes its six-month EU Presidency term in January - and has been described by MEP Pat 'the Cope' Gallagher as significant step towards tacking the problem of discards in a practical manner.
Earlier this year Europe's fisheries ministers hailed a "breakthrough" deal on ending the practice of discards, whereby countless numbers of fish are thrown back into the sea under the quota system implemented by the CFP.
However, environmental groups criticised the timeline for implementation of the discards ban, as well as the "vague" wording of the proposed limits on fishermen.
Meanwhile, Minister Coveney was last month accused of "hypocrisy" by environmental groups for his support of fishing fleet subsidies that they argue would be used by bigger fishing countries like France and Spain to exploit dwindling stocks in Irish waters.
Markus Knigge, a consultant with environmental lobby group Ocean 2012, said Minister Coveney's position on the matter was a U-turn on his previous commitment to end the practice of discarding fish at sea.
The EU Fisheries Council, which runs from today till Thursday 20 December, will among other issues see quotas for the Irish fishing fleet decided for 2013.
Ireland is facing severe double-digit cuts in almost 30 different fish stocks considered vital to the Irish fishing industry.
The minister has described the negotiations as the "most difficult" in years.