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Thats a good question. Making alive is the same as regeneration. As to the causal/temporal relationship, in that passage, actually in the next verse, it talks about nailing them to His cross. So I would assume that the forgiveness of sins in that verse is temporally tied to the cross. But the sticky part is that we were chosen before the foundation of the world. But regenerated when we exist. This then turns into the order of salvation question (ordo Salutis). In the Reformed camp, the ordo salutis is 1) election, 2) predestination, 3) gospel call 4) inward call 5) regeneration, 6) conversion (faith & repentance), 7) justification, 8) sanctification, and 9) glorification. (Rom 8:29-30)
I won't even mention the arminian (Heretical) camp. I hope this helps and not confuses you. God Bless P.s. the order is logical and not necessarily temporal
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