The bill, which bans imports of products driving deforestation, was initially set to take effect at the end of this year.
But lawmakers in Strasbourg overwhelmingly voted to push back its entry into force to December 30, 2025.
"We paid attention to the calls of several sectors facing difficulties and ensured that affected businesses, foresters, farmers and authorities will have an additional year to prepare," said parliament's rapporteur Christine Schneider of the centre-right EPP group.
The law prohibits a vast range of goods -- from coffee to cocoa, soy, timber, palm oil, cattle, printing paper and rubber -- if produced using land that was deforested after December 2020.
It has been hailed as a major breakthrough in the fight to protect nature and combat climate change by environmental groups.
But the ban has faced opposition from trading partners and some EU capitals, amid concerns over red tape, costs and lack of clarity over some aspects of the law.
This prompted the European Commission in October to propose a one-year delay.
Then in November, lawmakers on the right hijacked a first vote on the postponement in order to change the text and ease some requirements, throwing the law into uncertainty.
However, almost all EU governments later voiced their opposition to the last minute amendments, tossing the ball back into the parliament's court.
On Tuesday, lawmakers complied with the wishes of bloc's 27 nations, approving only the already agreed-upon postponement.
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