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4.1.3 :config is evaluated after loading package

The :config section is evaluated after the package has been loaded. If the package is loaded immediately, this happens immediately after that, but if loading is done lazily (see Loading Packages), this is deferred until after the package has been loaded.

In general, you should keep :init forms as simple and quick as possible, and put as much as you can get away with into the :config section. That way, deferred loading can help your Emacs start as quickly as possible.