Trade efficiency and trade potential are important indicators for measuring the effectiveness of international trade and determining the direction of future trade development. Based on the inefficiency stochastic frontier gravity model, this paper measures the trade efficiency and potential of China and 16 countries in Central and Eastern Europe under the background of“16+1”and“16+1+10”. The results show that the trade efficiency between China and the Central and Eastern European countries is relatively high, but the trade potential is not significant. China’s export trade efficiency to Central and Eastern European countries is lower than that of bilateral trade, and the export trade potential exceeds bilateral trade potential. The export trade potential under “16+1+10” is significant higher than that under“16+1”. Therefore, this paper proposes to further implement the“16+1”cooperation mechanism, expand imports, and improve transportation facilities, to realize trade potential and improve trade efficiency.