A landmark international agreement to create the world’s largest marine park in the Southern Ocean has been brokered in Australia, after five years of compromises and failed negotiations.

More than 1.5m sq km of the Ross Sea around Antarctica will be protected under the deal brokered between 24 countries and the European Union. It means 1.1m sq km of it – an area about the size of France and Spain combined – will be set aside as a no-take “general protection zone”, where no fishing will be allowed. Significantly, the protections are set to expire in 35 years.

The agreement came at the conclusion of two weeks of discussions between delegates from 24 countries and the EU in Hobart, at the annual meeting of the Commission for the Conservation of Antarctic Marine Living Resources (CCAMLR)

Evan Bloom from the US state department, the head of the US delegation to the meeting, told the Guardian he was “thrilled”.

It is the first marine park created in international waters and will set a precedent for further moves to help the world achieve the International Union for the Conservation of Nature’s recommendation that 30% of the world’s oceans be protected.

The Antarctic protections had been urgently sought because of the importance of the Southern Ocean to the world’s natural resources. For example, scientists have estimated that the Southern Ocean produces about three-quarters of the nutrients that sustain life in the rest of the world’s oceans. The region is also home to most of the world’s penguins and whales.

The Ross Sea is a deep bay in the Southern Ocean that many scientists consider to be the last intact marine ecosystem on Earth – a living laboratory ideally suited for investigating life in the Antarctic and how climate change is affecting the planet.