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 Half a Game initiative is currently sweeping across Wales and proving a major success. The scheme aims to give every young player at least half a game every weekend. WRU TV recently visited a festival in Narberth where clubs have fully embraced the initiative.
Both Bargoed and Swansea were seeking their first win of the Principality Premiership season this afternoon. It proved a fruitful day for the hosts - not only did they win, but Bargoed claimed a try bonus point.
Cardiff managed to keep their unbeaten record at home intact, but only just as Bridgend made them work extremely hard before the Blue and Blacks secured a hard fought Principality Premiership win at the BT Sport Arms Park last night.
Former Wales back row Andy Powell gives a guided tour of The Wern, home of Merthyr RFC, who are determined to prove a lot of people wrong and make their mark in their first season in the Principality Premiership.
Wales Sevens head coach Gareth Williams looks back on the Rio Sevens success where he helped GB win silver. He believes the successful campaign is a huge boost to his Welsh squad as they prepare for another World Series, as WRU TV's Graeme Gillespie discovers
British and Irish Lions head coach Warren Gatland will be heading back home to take on the All Blacks next year where for him, success for 2017 is all about going to New Zealand and winning a Test Series.
Last week all roads led to Eugene Cross Park where defending champions Ebbw Vale hosted this season's launch of the Principality Premiership. WRU TV's Graeme Gillespie was there to capture the thoughts of Damien Hudd, captain of Ebbw Vale, and WRU Head of Performance, Geraint John.
Llandovery made it three in a row when they defeated Aberavon in the final of the National Foster's 7s at BT Sport Cardiff Arms Park on Sunday. On another eventful day of sevens, Newport claimed the Plate and the Dragons won the women's crown
Last week saw Cardiff welcome players from around the world for the 21st Golden Oldies Festival. The tournament features players over 35 years of age, and this year's event saw a select few represent the WRU in a 'friendly' against the Wooden Spoon.
Wales Under 18 captain Callum Bradbury is delighted to have seen his side claim a narrow 18-17 victory against a strong SA Schools 'A' side to end the three-match Under 19 International Series in South Africa on a high note.
The Wales U18 squad spent an emotional day in the drug-riddled townnship of Hout Bay. Hout Bay Warriors President Fred Johannes said the visit was 'the talk of the town' and will dream about the day everyday for the rest of his life.
RGC 1404's new head coach Mark Jones is hoping to build 'something special' in north Wales and is already looking forward to the development region participating in the Principality Premiership for the very first time.