The top diplomats discussed a broad range of issues in various economic fields including transit, transportation, energy, and customs.
They also reviewed decisions taken by the countries in their previous trilateral meetings.
Zarif arrived in Baku on Tuesday to take part in the meeting, which was the fifth between the foreign ministers of the three countries.
Cavusoglu said after the talks that the next trilateral meeting will be held in Turkey, where the businessmen of three countries will also come together.
Ankara, Baku and Tehran should strengthen ties not only in the areas of energy, economy and transportation, but also in social areas, such as culture and tourism, he added, according to Anadolu news agency.
“Azerbaijan and Iran are two important countries in terms of energy resources. As Turkey, we import natural gas and oil both from Azerbaijan and Iran.
“We want to increase the amount of natural gas and oil that we receive from brotherly countries,” Cavusoglu said.
He said the three countries will increase the cooperation in energy area, adding, “This is one of the aims of the trilateral mechanism.”