  Gravitational Waves (GW's) can determine the luminosity distance of the
progenitor directly from the amplitude of the wave, without assuming any
specific cosmological model. Thus, it can be considered as a standard siren.
The coalescence of binary neutron stars (BNS) or neutron star-black hole pair
(NSBH) can generate GW's as well as the electromagnetic counterpart, which can
be detected in a form of Gamma-Ray Bursts (GRB) and can be used to determine
the redshift of the source. Consequently, such a standard siren can be a very
useful probe to constrain the cosmological parameters. In this work, we
consider an interacting Dark Matter-Dark Energy (DM-DE) model. Assuming some
fiducial values for the parameters of our model, we simulate the luminosity
distance for a "realistic" and "optimistic" GW+GRB events , which can be
detected by the third-generation GW detector Einstein Telescope (ET). Using
these simulated events, we perform a Monte Carlo Markov Chain (MCMC) to
constrain the DM-DE coupling constant and other model parameters in $1\sigma$
and $2\sigma$ confidence levels. We also investigate how GW's can improve the
constraints obtained by current cosmological probes.
