JERUSALEM, Israel - Iran and Turkey announced plans on Monday to boost bilateral trade to $30 billion over the next five years.

Since 2003, when Turkish Prime Minister Recep Tayyip Erdogan took office, Turkey and Iran have steadily increased political, ideological and economic ties with one another.

"There is a political determination in the two countries to develop relations further," the state-sponsored Anatolian news agency quoted Iranian Foreign Minister Ali Akbar Salehi, after he signed a new trade agreement with his Turkish counterpart, Ahmet Davutoglu.

Last year, trade between the two countries hit $10.7 billion, with nearly $3.5 billion in Turkish exports to Iran. 

Obama administration efforts asking other countries to enforce additional sanctions against Iran have fallen on deaf ears.

Turkish officials insist they are adhering to the fourth round of U.N. Security Council sanctions but are not obligated to impose additional sanctions requested by the U.S.

Last week, the U.S. Treasury blacklisted five companies and six individuals supplying and supporting Iran's ballistic missile program.

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Haaretz contributed to this report.