WRU Head of Rugby Performance and Development Joe Lydon, WRU Group Chief Executive Roger Lewis, RFU's Terry Burwell Tournaments and Welsh Premier clubs chairman Chris Clarke.
A brand new 24-team British & Irish Cup will take place from next season.
Twelve teams from the English Championship, six from the Welsh Principality Premiership, Irish provinces Munster, Leinster and Ulster and three Scottish sides will compete for the inaugural trophy.
The teams will be divided into four pools of six, playing over five weekends during the Autumn international and RBS 6 Nations windows, with semi-finals and finals on April 24 and May 15 respectively.
Launching the new competition today, Terry Burwell, the Rugby Football Union's Tournaments and Competitions Director, said: "This is an exciting new tournament that will provide quality cross-border competition and will be a winner with players, coaches and fans alike.
"There is a real appetite for this competition and, from an English point of view, it will give Championship clubs an additional meaningful competition alongside their league structure."
Welsh Rugby Union Head of Rugby Performance and Development Joe Lydon said: "We are delighted to be fully involved in this exciting new competition.
"It will engage all our teams in the type of cross-border sporting rivalry which will generate support and help improve the standard of play in all the teams involved.
"Here in Wales we know the appetite for this level of competition exists and it will deliver measurable benefits to the development and sustainability of the professional and semi-professional sport here.
"The names of the Welsh clubs involved will be familiar to rugby followers from around the world as they formed the tradition and history of the national sport of Wales.
"We have already received the backing in principle of our Premiership Division clubs and we look forward to welcoming to Wales some of the best young players from around the UK and Ireland."
Scottish Rugby's National Academy Manager Stephen Gemmell, added: "Scottish Rugby welcomes the launch of the British & Irish Cup. This competition will give some of our best players, including those from our top two clubs in Premiership Division 1, an opportunity to test themselves in an intense environment against quality, battle-hardened opposition from throughout the British Isles. We all believe such a competition will serve as a real boost to our game."
Irish Rugby Football Union Director of Rugby Eddie Wigglesworth said: "From an Irish perspective we welcome the introduction of the British & Irish Cup which will provide a very competitive professional game structure to meet the needs of our emerging contracted players.
"The teams involved are well known rugby entities in their own right and, in conjunction with our existing internal structures, will ensure that this group of contracted professionals have the necessary professional game exposure to meet the increasingly competitive demands at Magners League and Heineken Cup levels. It also provides a unique cross border game opportunity for Irish coaches and referees."
* 12 English Championship clubs (Bedford, Birmingham & Solihull, Bristol Rugby, Cornish Pirates, Coventry, Doncaster, Exeter Chiefs, London Welsh, Moseley, Nottingham, Plymouth Albion, Rotherham Titans)
* top 6 Welsh Principality Premiership clubs (Aberavon, Cardiff, Llanelli, Neath, Newport, Pontypridd)
* 3 Irish provinces - Munster, Leinster and Ulster
* 3 Scottish teams - top two finishers in Scottish Hydro Electric Premiership Division 1 (champions Ayr and the runners-up, either Boroughmuir or Heriot's) and a team drawn from Edinburgh and Glasgow and members of Scottish Rugby's National Academy
* 4 pools of 6 playing once (5 matches)
* pools based on travel/geography with the aim of maximising local interest and minimising cost to teams and supporters
* 4 points for a win, 2 for a draw, 1 bonus point for either a) scoring 4 or more tries or b) losing by 7 points or less
* pool matches scheduled for November 7 and 28, February 13, February 27, March 13 (all dates to be confirmed)
* pool winners progress to knockout stage
Semi finals and final
* 4 pool winners progress to semi finals and final
* Semi finals scheduled for April 24, final for May 15
The British & Irish Cup kicks off this weekend with the four Regional Premiership Select XVs flying the flag for Wales. Welsh
Sat 14 Nov: Blues Premiership Select v Nottingham (2.30) & Connacht Eagles v Dragons (2.30)
Sun 15 Nov: Yorkshire Carnegie v Ospreys Premiership Select (1.30) & Scarlets v Bedford Blues (3.00)
The Welsh Rugby Union is forming a new Youth Board with a brief to help keep more young people involved in the game during their late teenage years and beyond. The first task of the fifteen strong Board will be to analyse and consider the issues which lead to a number of youngsters drifting away from the sport between the ages of 16 and 21. To apply visit www.wru.wales/youthboard
The Foster's Challenge Cup will involve the 12 Principality Premiership sides and will run during European and British & Irish Cup weeks, providing vital fixtures for the participating clubs and an opportunity for upcoming players to step up to semi-professional rugby and make a claim for starting places within the Premiership squads.
Eighty schools and colleges in Wales now have a full time rugby officer as part of the WRU's school club hub scheme. All of the school club hub officers recently gathered at the National Centre of Excellence for various workshops.
With Liam Williams forced out of the World Cup through injury, lock Luke Charteris and Skills Coach Neil Jenkins say they have to put yesterday's defeat behind them as Wales now look ahead to another physical encounter against South Africa in the quarter-finals of the Rugby World Cup.
WRU Consultant Head of Physical Performance Paul Stridgeon praises the Physical Performance department for their work and dedication as he addresses the media ahead of Wales' Pool A clash against Australia
Twelve young people have been selected to follow a one year WRU Coach Core apprenticeship programme. Coach Core was set up by the Royal Foundation of the Duke and Duchess of Cambridge and Prince Harry as part of the Olympics legacy in 2012 and the Duke of Cambridge was on hand to meet the apprentices on their first day in the job. The programme has been funded by the Hunter Foundation.