The signing took place on the sidelines of the 79th session of the UN General Assembly in New York ahead of bilateral talks.
During the talks, Lavrov and Traore discussed topics of mutual interest for their countries, the Russian Foreign Ministry said.
"An involved exchange of views took place on current topics of bilateral interest as well as of the regional and international agendas. The importance of further strengthening close foreign policy coordination of the two countries was noted," the statement read.
The two top diplomats also confirmed their commitment to intensify cooperation between their respective countries "in various fields, focusing on expanding trade, economic and humanitarian ties," the Russian ministry added.
Earlier on Saturday, Lavrov held a meeting with Algerian Foreign Minister Ahmed Attaf.