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The extent to which countries benefit from trade liberalization of environmental goods and services largely depends on the country context. This study looks at the situation in the Republic of Korea. Korea began actively promoting its environmental technologies in the early 1990s when the government identified environmental goods and services (EG&S) as one of several strategic national industries. The role of the government was particularly significant in creating demand for environmental services by encouraging private investment including foreign investment in local sewage-treatment projects in areas where local governments cannot secure adequate funding. Two segments of the EG&S industry appeared to provide priorities and opportunities for Korean exporters and importers; wastewater treatment and protection of the ozone layer. In particular, water and wastewater sub-sector has been the most successful exporting industry in the environmental sector in Korea. Experience with Korea also reveals that the effects of environmental imports were positive and they were absorbed without major problems except for some cases where infrastructure based on imported technologies has not been adequately maintained due to lack of domestic expertise.