The document was signed on Friday during a meeting between Iranian Foreign Minister Mohammad Javad Zarif and Cavusoglu in the central city of Isfahan, Press TV reported.
The Turkish foreign minister said Ankara is ready to deepen and strengthen mutual ties with Iran in various political, economic and cultural areas.
Zarif voiced Tehran’s readiness to increase the volume of trade with Turkey.
The two sides also discussed the latest regional developments, particularly the situation in the Persian Gulf.
Earlier this month, the presidents of Iran and Turkey expressed their opposition to any sanctions and unilateralism in international relations.
Iran is keen to expand relations with Turkey in all fields, particularly in economic and trade sectors, Iranian President Hassan Rouhani said.
He made the remarks in a meeting with his Turkish counterpart Recep Tayyip Erdogan on the sidelines of the Conference on Interaction and Confidence Building Measures in Asia (CICA) in Tajikistan.
The Turkish president hailed growing relations between Tehran and Ankara and said his country attached high importance to further expansion of ties.
Iran and Turkey have agreed to step up their economic cooperation and raise their annual trade to $30 billion.
Ankara has denounced unilateral US sanctions on Tehran, saying it is determined to maintain trade with the Islamic Republic.
Iran is a key gas supplier to Turkey which receives 353 billion cubic feet per year under a 25-year agreement signed in 2001.
Head of the National Iranian Gas Company Hassan Montazer Torbati said in March that Turkey has requested to purchase more natural gas from Iran.