The new agreement will cover a range of detail from how the seasons are structured to player management, talent development, insurance cover and fees and bonuses for elite players.
One major priority decided at today's meeting is that the number of non Welsh-qualified players contracted to the four regions will be reduced in the medium term future. This was agreed by the WRU and the four regions together after lengthy discussions.
The meeting at the Millennium Stadium agreed that the number of foreign players each region has registered will be reduced from June the 1st 2009.
Within the meeting there was broad agreement that the talent pathway in Welsh rugby will be best served by reducing the number of non Welsh qualified players in each regional squad to four as soon as it is operationally possible.
The WRU and the regions will also aim to agree a system of incentives and rewards will be approved for regions which develop Welsh playing talent.
The Group Chief Executive of the Welsh Rugby Union, Roger Lewis, said: "We have proved today that the WRU and the regions speak with one voice on wanting to achieve a bright and successful future for our national game.
"We know there is a lot of hard talking ahead but I am now confident that we all understand the ultimate aim is to achieve success for the regions, victories for our national team and sustainable growth for rugby across Wales.
"The foreign player issue is a great example of how we can talk through the issues and reach sensible and achievable objectives.
"We will often need some foreign talent to boost our regions and offer our players the chance of learning from the best players in world rugby. But we also need to achieve a proper balance which allows Welsh players to pull on a regional shirt and flourish.
"Today we have agreed a structure for talks which covers the full range of priorities which will help Welsh rugby build towards a bright future.
"The great thing is that our discussions going forward will be based on trust, respect and transparency. We will talk straight but talk true."
The Chief Executive of the Llanelli Scarlets, Stuart Gallacher, said: "We are all passionate about the need to deliver an agreement which is workable and fair for everyone involved.
"I am confident that the interests of the four regions can be preserved while we all move forward on a pathway which benefits Welsh rugby as a whole.
"We are all competitive people working in a professional rugby environment and while we want individual success for our regions we are all passionate about the Welsh jersey as well.
"It is going to be a tough slog to ensure this new agreement achieves all our aims but I am now confident we can do it. Today we have made a positive start."
The Cardiff meeting was also attended by the Head Coach of Wales Warren Gatland along with WRU Chairman David Pickering, representatives of the WRU Executive Board and senior figures from all four regions.
Now the negotiations on all issues will continue through meetings of the Professional Rugby Board in Wales to agree point by point progress towards a full agreement.
WRU Chairman David Pickering added: "I am confident we now have around the table a group of professionals with the best interests of Welsh rugby at heart.
"I know there are long hours of hard work ahead but the winner will ultimately be rugby in Wales."