It is not so easy - as others have stated, much of the arable land is currently used for agriculture, and the conversion of forest to farmland continues at a rapid pace in much of the less developed parts of the world. The socio-economic conditions in the third world are such that stopping the deforestation would be difficult and expensive.
In many other areas, natural fire regimes cycle the carbon back into the atmosphere, preventing significant buildups of vegetative biomass.
In the drier areas of North America, there are significant, on-going reductions in fixed biomass as invasive, non-native annual grasses convert 50-500 year fire cycles into 1-5 year fire cycles. Essentially, the desert areas once dominated by blackbrush, Joshua tree, and other native woody brush species are being replaced by non-native annual grass; areas had no documented wildfire prior to 1990 have had four or five wildfires since then, as the grass comes into dominance. The lower treeline for Pinyon-Juniper forest is creeping up, as the lower elevations also fall victim to the brome grass induced changes in fire cycles. So, no biomass carbon sequestration there.
Recent publications are also describing the effects that short-term climate induced droughts have on forest types in Arizona, New Mexico, and Colorado. They are documenting significant forest dieback, with associated fires like the ones that Colorado experienced earlier this summer.
In a nutshell - the climate is changing. Forest systems may eventually adapt as the various species shift their distributions to match the new climate. However, it is a slow process and an unfortunate first step in that process tends to be stand replacement wildfires. In much of North America, the conversion may not complete as invasive species interrupt the process and induce rapid cycling of wildfire, resulting in a net loss of biomass.