The objective of this paper is to analyze the impacts of the United Nations Framework Convention on Climate Change (UNFCCC) on the agricultural sector. In order to analyze the impacts of the UNFCCC on the agricultural sector, the dynamic computable general equilibrium model is employed. Under the UNFCCC, mandatory reduction of greenhouse gas will be demanded from the 2nd compliance period (2013-2017). Regarding economic effects of the agricultural sector's participation in emission trading, the cultivation sector where surplus emission exists will not be able to sell emission credits and thereby record no income if individual implementation is pursued. But, if it is able to sell emission credits by participating in emission trading, it will be able to earn KRW 69.8 billion by 2013. In particular, it is inevitable the livestock sector will face heavier financial burden in reducing greenhouse gas emission.