Tayyebnia said trade exchanges between the two neighboring countries currently stands at $12 billion with the inclusion of transit and tourism, Tasnim News Agency reported.
"It is possible to easily increase the figure to $20 billion, and we will achieve this goal in the near future," the minister noted.
It would serve the interests of both countries, he said on Saturday after talks with his Iraqi counterpart Hoshyar Zebari in Tehran.
During the meeting, the two sides examined Tehran-Baghdad economic relations and how to deal with a number of problems and limitations to trade relations, bank transactions and investment, Tayyebnia said.
Zebari said he and Tayyebnia discussed economic issues such as investment and trade exchanges as well as opportunities for mutual cooperation to promote trade.
"We hope this trip would lead to practical outcomes on developing Iran-Iraq ties," the Iraqi finance minister added.
Trade between Iraq and Iran reached about $12 billion in 2013, making Iraq one of Iran's top five trading partners.
In Iran's non-oil trade, Iraq is the most significant export market. Exports to Iraq include light industrial products, foodstuffs, consumer goods, construction materials and electricity.