"In 2011 trade exchanges exceeded $16bln and our goal is to raise the figure to $35bln by 2015," Erdogan told the media after meeting Iran's First Vice-President Mohammad Reza Rahimi.
"Ministers of the two countries, specially the ministers in charge of commerce and economy shoulder a grave duty in this connection," he added.
The Turkish premier said a meeting similar to the present one held in Tehran would be held in Turkey by the second half of 2012 with participation of the Iranian first vice president to follow up the Tehran discussions.
Iran and Turkey have in recent years increased their cooperation in all the various fields of economy, security, trade, education, energy and culture.
The two sides have exchanged several politico-economic delegations during the last few months.
Erdogan arrived in Tehran yesterday to discuss bilateral ties and cooperation in meetings with senior Iranian officials.
During his two-day visit, Erdogan is due to confer with senior Iranian officials on matters of mutual interest as well as regional and international developments.
He is also slated to inaugurate a new Turkish cultural center in Tehran.