The Clone function allows you to copy an existing Package to create a new Package in your Catalog.
All fields from the original Package are now a part of the cloned Package. This allows you to quickly create a similar Package based off of an existing Package.
When you select a Package in the Package Explorer and click the [Clone] button, the Clone Package form opens. The Name field will have the text "- Copy" after it. Make any adjustments needed and Save the new Package.