What happens in the next few weeks will be critical for New Zealand to secure a free trade agreement (FTA) with the UK.
Bailey also chairs the Red Meat Profit Partnership (RMPP).
He was a director on Fonterra's board from 2004 until 2016 when he retired from the position.
Also in the running for the Outstanding Contribution Award are farm investment manager Tony Cleland from FarmRight and Richard Lucas, a senior lecturer at Lincoln University.
Other notable nominations include NIG Nutritionals who were nominated for the Producer Award.
NIG Nutritionals are an Auckland-based company specialising in goat milk. Recently, they signed a deal to manufacture and commercialise products overseas.
Bevin Harris, science leader at LIC, has been nominated for the Science & Research Award.
Harris leads a group that uses analytical and learning models to interrogate and interpret data from the on-farm automated data capture of animals and the environment.
Nominees for the Emerging Leader Award category are Angus Dowson from Ballance Agri Nutrients, Emma Boase from Horticulture New Zealand, and Coadette Low from Rathkeale College.
Ballance Agri Nutrients is also jointly nominated with Hiringa Energy for the Innovation & Collaboration Award for their Hydrogen project.