What do the resolutions on language tags mean for equality of tagged strings?

I see that most of the issues involving language tags have been resolved. I need clarification though about term-equality and "value equality" of language-tagged strings.

First, literal term equality: Are the following literals considered term-equal?

    "chat"@FR
    "chat"@fr
    
I don't think so, since the language tags have different case. I do believe, though, that those two literals have the same value, since both have the string value "chat" and the lower-cased language tag "fr" (only lower-case language tags are in the value space). Am I right?

--Peter